When it comes to saving money, Australians are often looking for the easiest and quickest way to do it. A recent survey by YouGov, commissioned by iSelect, revealed that over half of Australian households had not switched products or services in the last 12 months. This means that many Australians are missing out on the potential to save up to $1140 each year.
The survey found that, of the households which had not switched any products or services in the last 12 months, telecommunication services were the least likely to be switched; with 35% of households not switching their service provider. This was closely followed by energy (31%) and health insurance (28%).
Sophie Ryan, a spokeswoman for iSelect, has cautioned that Australians may be subject to a “loyalty tax” due to staying with the same policies and providers in this financially demanding climate, where every penny matters.
“The good news is, even though we are all busy and may end up paying more than necessary on our bills due to not having looked into other options, we can easily reclaim our lost savings by taking some time to compare our options and shop around,” she said.
Research revealed that Australians who changed policies or suppliers within the past year were able to save approximately $3.9 billion on their household costs and expenses.
On average, changing policies or providers of services such as energy bills, internet plans, and insurance in the past year saved respondents hundreds of dollars per change.
