Brits 'need to look for best financial deals'

By Sarah Engle, Thu 19 Aug 2010 - Published in Banking

New research has shown that 12.8 million Brits have not switched any of their financial products in the past year, despite feeling the pinch of the adverse economic climate.

A poll conducted by Gocompare.com found that 41 per cent of consumers believe they are worse off now than they were 12 months ago, but 27 per cent have not looked for new deals on the most common financial products.

The survey revealed that only 10.1 per cent of savers have looked for a better bank account in the past year, 7.2 per cent have sought a new mortgage and 4.6 per cent have researched telephone landline deals.

In addition, the research showed that car insurance is the financial product that most people do try to find the best deal for - but 31 per cent of drivers still stick with the same product.

This month, research by Confused.com found that 71.9 per cent of Brits admitted to being puzzled when it comes to finding the best financial products.

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