LONDON: A majority of UK consumers do not believe they are rewarded for remaining loyal to financial services and utilities brands, a study has shown.
Price comparison website Gocompare polled 2,000 adults in the country about a total of 20 product categories from telecoms to insurance - and found an average 23% of contributors had never changed provider across the various segments assessed.
This score peaked at 31% when discussing bank accounts.
Figures hit 18% for mobile phone networks, 15% regarding mortgages, and 14% with reference to home insurance and savings accounts.
Another 14% of interviewees displayed similar inertia relating to car insurance, falling to 8% when looking to energy suppliers.
"Many people find financial products daunting, and perhaps do not have the confidence to shop around for a better deal," John Miles, Gocompare.com's business development director, said.
"Consumers could make much needed savings by reviewing their financial products and switching to a better deal."
In demonstration of this, Miles reported that the average car and home insurance price reductions reached £320 and £232 respectively.
However, only 36% of customers moved their automotive cover to a new company in the last 12 months, an amount coming in at just 22% for equivalent home policies.
"Car insurance in particular is an area where significant savings can be made," Miles said.
"The average premium has risen by a staggering 94% in the last three years, so if you haven't switched providers you could be paying well over the odds for your insurance."
Equally, although the financial payback following on from moving between gas and electricity companies stood at £442, a modest 9% of shoppers had pursued such a tactic in the recent past.
Ratings here fell to 8% for credit cards, 5% for savings accounts and 3% for current accounts.
More broadly, the study revealed 53% of the sample thought they typically went unrecognised for staying with a services firm.
"Usually financial services providers offer the best deals to attract new customers - not to reward loyal customers," Miles said.
"While over half of the people questioned in our survey recognised this, many are still not shopping around for best deals."
Data sourced from GoCompare.com; additional content by Warc staff