As Brits continue to scrimp and save after a long January, many will be looking into switching banks, insurance policies, energy providers and even their supermarket of choice.
But, new research reveals there is a lack of time put into researching financial products, before Brits are signing the dotted line. In fact nearly half (46%) admit to spending very little, or no time researching their current account, and 21% don't research their home insurance.
This comes as a third (29%) of Brits admit to finding the prospect of purchasing important financial products daunting – avoiding any real involvement with the details. By failing to check the small print or shop around, Brits are feeling the repercussions, with over one in ten (12%) admitting to missing something important, and 7% having lost out financially.
And worryingly, it seems people are placing more emphasis on price rather than quality; risking the cover they are provided (14%). However, despite paying little or no attention to our finances, us Brits are more concerned about minor purchases and are spending time conducting a lot more research when it comes to these other purchases, such as mobile phones (67%), televisions (62%), and dining out for the evening (46%).
In light of the new research, Mike Powell discusses the results in more detail and is providing help and advice on how to research financial products and explains what Defaqto's independent Star Ratings can offer consumers.
For more information please visit www.defaqto.com/stars.