19% of Brits never switch and save

Some 19 per cent of British consumers have never switched any of the ten most common financial products.

Research by Gocompare.com highlights how around 9.5 million people in the UK are missing out on savings because of their reticence to look for better deals.

This issue is compounded by the fact that 64 per cent of individuals expect the next 12 months to be tough financially.

A total of 40 per cent have never switched their current account, followed by their broadband provider (26 per cent), credit card (20 per cent) and energy provider (16 per cent).

John Miles, business development director at Gocompare.com, said: "Millions of consumers could be missing out on hundreds of pounds worth of savings by not reviewing their outgoings and switching to better deals."

He added people may find their situation is not as bad as they think if they search out more competitive terms.

By Amy White