Household Bills
False economies cost Brits £3.8bn
A survey of 2,000 people by TopCashback found seven in 10 consumers have been fooled by a false economy, with a fifth falling victim at least once a month.
Half of those surveyed said they were most likely to experience false economies in supermarkets.
The main reason for buying into a false economy was fear of missing out on a good deal. But 16% of consumers said they found it too difficult to work out the maths.
Consumers are less likely to experience false economies while shopping online, the survey revealed.
Adam Bullock, UK director at TopCashback.co.uk, said: “Consumers may be experiencing false economies most often in supermarkets and larger chain stores because these are the places we tend to frequent the most. However, it could also be because it allows for less time for consumers to compare prices and research products.”
Common false economies
Some of the most common false economies include: paying the minimum on your credit card each month, lying on an insurance application to get a cheaper premium, and going abroad without travel insurance, according to research by GoCompare.
Not having your car serviced, shopping at £1 shops and multi-buy or 3 for 2 offers also featured on the list of top UK false economies.
There are 0 Comment(s)
Everything you wanted to know about ISAs…but were afraid to ask
The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...
Your right to a refund if travel is affected by train strikes
There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...
Could you save money with a social broadband tariff?
Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Five tips for surviving a bear market mauling
The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...
Money Tips of the Week
© AE3 Media Ltd, Floor 7, Lincoln House, 296 - 300 High Holborn, London WC1V 7JH, Company.