Scared of the switch

As households consider their finances and their budgets, you would suppose that they would be 'shopping around' for the best deals - but MoneyExpert.com has found that the numbers of people prepared to move from one company to another to make savings has either stayed the same as last year, or has even fallen.

Last year 51 per cent of people changed one of their providers - car insurer, home insurer, utility provider or mortgage holder - but this year less than half switched.

Sean Gardner, founder of MoneyExpert.com, said: "Switching in search of a more competitive deal remains big business with 46 per cent of us moving at least one product to another provider.

"The mortgage market has been the focus of concern this year as lenders have scrapped deals and made mortgage availability the big issue. With fewer deals on offer and stricter criteria it is no surprise that fewer people are moving. Other areas are feeling the chill of the credit crunch and general concerns about rising cost of living and inflation. Some people are staying put rather than seeking out the best possible deal.

He cautions, however: "Doing nothing shouldn't be an option. There are still good deals out there and if finances are stretched savings should be sought if at all possible."

May 28^th 2008

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