Almost 60% of consumers say they have no plans to switch their financial providers in 2022, a new survey from Royal London has found.
The survey of 1,000 respondents nationwide conducted by iReach, aimed to gain an insight into people’s attitudes towards switching providers for their financial products.
58% said they would have "no plans" to switch this year despite prices increasing by 5.6%, according to the CSO Statistical Release, Consumer Price Index – February 2022.
27% said they would look at changing their car insurance, 20% would look at their home insurance, 14% their health insurance, while less than 10% would consider changing their mortgage, life insurance or pension.
The main reason for people looking into a switch was a substantial price or repayment increase, with 43% of respondents ticking that box.
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36% of consumers who took the survey said they always look about for a new deal when it's time to renew.
Speaking about the findings, Sara Murphy, Marketing Lead at Royal London, said, "The most striking finding from our survey is that more than half of respondents say they have no plans to switch financial providers in search of better value this year.
"Just 14% plan to look for a better deal on their health insurance even though recent reports suggest that you can save hundreds by shopping around."
"The most striking finding from our survey is that more than half of respondents say they have no plans to switch financial providers in search of better value this year.
"Just 14% plan to look for a better deal on their health insurance even though recent reports suggest that you can save hundreds by shopping around."
The survey also found that people over the age of 55 are more inclined to remain with their current provider as they believe it is easier, something that Murphy says will cost them in the long term.
"One of the barriers that may prevent people from switching is that they don’t think it will be easy or worth the hassle. Or they may be hesitant about changing over to a new provider or a plan in case it might not work as well as their current arrangement.
"However, switching and set up processes are very streamlined these days and may be much easier than you think. It can certainly be worth it financially to review the market, either yourself or through a Financial Broker, for the best value."
