UK Money News
4th February 2008
Four in five Brits overpay for financial products
Over four in five consumers are paying too much for financial products, it has been claimed.
According to a study conducted by MoneyExpert, 84 per cent adults are overpaying for one or more financial products.
However, by switching their providers of home insurance, motor insurance, mortgages, personal loans and credit cards, significant savings can be made, experts at the website claim.
The largest potential savings come with personal loans, where switching can result in a cut in repayments by £204.
Meanwhile, motor and car insurance provider could accrue savings of up to £158 and £76 per year.
The findings prompted Sean Gardiner to urge more people to take advantage of the range of financial information available on price comparison sites to locate the best deal for themselves.
"Not everyone will save that much but four out of five of us are overpaying for at least one of the financial basics.
"Typically, UK consumers are paying out £150 per year more than they need to. I’d urge people to spend just a few minutes online to review their finances."
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