More than half of Irish consumers have no plans to switch financial provider for better value this year, despite inflation and other factors pushing costs upwards.
A survey of 1,000 consumers conducted by iReach for protection provider Royal London found six out of 10 (58 per cent) reported no plans to switch their car insurance, home insurance, health insurance, life insurance, mortgage or pension in 2022.
It also found that those aged 55 or over are the most likely to stay with their current provider because they believe it is “easier”.
“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,” said Sara Murphy, marketing lead at Royal London.
“Just 14 per cent plan to look for a better deal on their health insurance even though recent reports suggest that you can save hundreds by shopping around. And half that number, seven per cent, say they’ll look at switching their mortgage provider, but we see reports regularly in the press on the thousands that can be saved by moving provider.”
Ms Murphy noted that the latest data from the Central Statistics Office (CSO) shows consumer prices were on average 5.6 per cent higher in February 2022 compared with the same month last year.
“Now more than ever, people should be shopping around. This reluctance to switch could mean consumers will miss out on better value and cost-saving deals from other providers,” she said.
“On a more encouraging note, four in ten people are considering switching providers this year. For most, this will mean looking at their car insurance (27 per cent) or their home insurance (20 per cent)”.
The survey also found that an increase in price or repayments was the thing most likely to prompt people to look around for a better deal on their financial products.
