Inertia stops many from switching

Around 41 per cent have not switched their car or home insurance policies to get a better deal, or changed their energy, broadband or mobile phone provider, or switched their credit card balance during the past 12 months.

The inertia comes despite the fact that one in five people said they were seriously worried about their finances and one in four said they urgently needed to make savings, according to comparison website Gocompare.com.

People were most likely to have changed their car insurance provider during the past year at 23 per cent, followed by their energy supplier at 21 per cent and their home insurance and mobile phone tariff at 19 per cent each. But only 11 per cent of those questioned had transferred a credit card balance and just 14 per cent had switched broadband provider.

Lee Griffin, business development director at Gocompare.com, said: "Whilst lots of people have become committed comparers and switchers our research shows millions of consumers could still be paying more than they should for things like insurance because they stick with their existing provider without checking the competition.

"In our experience the only reward you get for loyalty is a higher price than you'd pay as a new customer, so shop around for the best deals."