Research by Gocompare.com found that 15% of adults have never switched providers for ten of the most popular financial products and could be missing out on a saving of £243 on their car insurance, £159 on their home insurance, and £309 on their energy costs as well as losing out on uncompetitive savings accounts, bank accounts, mobile phone tariffs, mortgages and credit cards to name but a few.

The research found that:

• 31% of UK consumers have not switched car insurer in the last three years – potential collective saving of £1.9bn

• 38% have not switched home insurer in the last three years – potential collective saving of £1.5bn

• 54% have not switched energy provider in the last three years – potential collective saving £4.3bn

• 15% have never switched their car insurance, home insurance, energy, mobile phone, broadband, landline, mortgage, credit card, current account and ISA or savings account providers

Car insurance remains the UK’s most ditched and switched financial product with over a quarter (26%) of drivers changing their car insurer last year.

However, despite recent moves to make bank switching more straightforward, current accounts remain the least switched financial product, with 38% of people admitting they’ve had the same current account all of their lives.

Claire Peate, customer insight manager at Gocompare.com, said: “Customers who’ve remained loyal to their insurers, energy providers, banks and communications companies could be missing out on billions of pounds worth of savings, as businesses tend to reserve their best deals for new customers. Those who believe their loyalty will be rewarded are sadly mistaken, and our research proves time and again that customers who switch can save hundreds of pounds.”