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Brits feel worse off now than they did this time last year

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14/11/2012
Brits are feeling the pinch more and more as nearly half now feel they are worse off now than they were 12 months ago.

According to a survey done by comparison site Gocompare.com, 49% feel they are worse off now than this time last year, making this the highest number ever recorded by the survey.

A fifth of Brits also say that they are seriously worried about their finances and nearly a quarter say that they tend to run out of money before the end of the month.

John Miles, Gocompare.com’s business development director, said: “Unfortunately it seems to confirm what many of us already know, that more than five years on from the start of the credit crunch UK consumers’ finances are still suffering.”

Gocompare did another survey where consumers were asked about the way in which they shop around for the best deals for financial products, if they do at all.

Nearly a quarter have never switched any of the 20 most common personal finance products, including car insurance, home insurance, energy provider or even mobile phone operator.

Miles continued: “However, 47% of people also say they could be doing more to save money and one of the best ways to start is by comparing, switching and saving on outgoings like car insurance, home insurance and energy.

“Car insurance premiums remain close to record highs, with average premiums more than doubling in the last three years, so motorists could make significant annual savings just by switching this alone.”

Almost two thirds of British drivers haven’t switched car insurer in the last 12 months and 44% have stayed with the same insurer for more than two years.

Miles advises that when it comes to insurance loyalty hardly ever pays, and drivers could save, on average, £403.55.

Energy bills are another household expense where savings can be made but 83 per cent of respondents have not switched their energy provider in the last year.

Miles added: “Saving money on your household expenses needn’t be a chore. Don’t accept your insurance renewal quotes or energy tariff changes without checking that the new price is competitive, and take time once or twice a year to review your finances and check that you are not paying over the odds for your household bills.”

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