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41% of Britons feel worse off financially than year ago

41% of Britons feel worse off financially than year ago

Four in 10 British consumers feel financially worse off now compared to a year ago, with one in five (20%) admitting to being seriously worried about their finances. Consumers aged 45-54 feel hardest hit with almost half (49%) saying that they felt worse off now than they did this time last year.

The research, commissioned by Gocompare.com, also revealed that 21% of UK adults found that their money usually ran out before the end of the month, 5% had considered taking out a pay day loan and 6% are relying on credit cards to make ends meet.

However, the research also highlighted that nearly half (49%) of consumers haven't switched any of the 10 most popular financial products in the last 12 months to get a better deal. In fact, nearly 9.5 million consumers (19%) have NEVER switched ANY of them.

The list of the 10 most popular financial products comprised car insurance, home insurance, energy, mobile phone, broadband, landline, mortgage, credit card, current account and ISA or savings account.

* 27% of people have switched car insurer in the last 12 months but 24% have not switched in the last three years;
* 23% have switched home insurer in the last 12 months but 33% have not switched in the last three years;
* 16% have switched energy provider in the last 12 months but 59% have not switched in the last three years.

While the research shows that car insurance is the financial product most likely to be switched, it appears that Brits are most loyal to their bank, with 37% having had the same current account for all of their lives.

* 12% have NEVER switched car insurance;
* 15% have NEVER switched home insurance;
* 16% have NEVER switched energy provider;
* 31% have NEVER switched mortgage lender;
* 37% have NEVER switched current account;
* 26% have NEVER switched ISA or savings accounts;
* 24% have NEVER switched mobile phone network;
* 23% have NEVER switched land line provider;
* 22% have NEVER switched credit cards;
* 25% have NEVER switched broadband provider.

Savvy consumers who compare and switch regularly can save a packet. According to the latest figures, customers using Gocompare.com could save up to £247.07 on their car insurance, £122.47 on their home insurance, and £449.19 by switching their energy provider.

Claire Peate, customer insight manager at Gocompare.com, said: "Many Brits are feeling the pinch more than ever but there's a lot consumers can do to help their household budgets go further.

"No one looks forward to getting their insurance renewal or electricity and gas bill but comparing the deal from your existing provider with those offered by other competing companies can deliver major savings. A few minutes spent regularly checking your insurance deals, energy tariff, credit cards and phone tariffs could mean you spend less on the things you hate paying for leaving you more money to spend on the things you like."