That’s the conclusion of a new study from the Current Account Switch Service (CASS), which found that four in 10 of us said that completing small tasks helps us feel more in control.

These respondents said that they had felt less in control of their lives during the pandemic, but had been able to tackle this by taking on some of the small chores on their to-do lists.

The study found that financial tasks are often the ones that people put off for the longest. It reported that typically we put off checking the suitability of our bank accounts for up to 159 days after we had planned to do so, almost half a year. This is ahead of tasks like reviewing utility suppliers, such as gas or electricity providers at up to 128 days, and claiming back work expenses at 84 days. 

It’s not just financial tasks that have been delayed due to the pandemic though. The study found that on average people have put off tasks like mowing the lawn by up to 104 days, while cleaning the windows has been delayed by up to 117 days.

Keeping on top of financial admin

Jo Ainsley, senior service lines manager at Pay.UK, the operator of CASS, argued that over the last year everyone has experienced a loss of control in their life to some degree. But she pointed out that the everyday tasks that we often take for granted can help us regain control and make us feel better.

She added: “As this research shows, switching offers the control we all can benefit from during this uncertain time. We want this research to show people why it is so important to remain on top of financial admin – people waiting nearly half a year to review current account providers could mean they’re missing out on a wealth of benefits. Our mission is and remains making customers aware and increasing financial empowerment.”

Why we don’t bother switching

There are all sorts of reasons why people put off these small financial tasks. A big one, according to the CASS study, is lethargy. In other words, we are simply apathetic towards how much we are paying towards our various bills.

Another driver is scepticism about whether it’s really worth it, whether we can really improve our finances by doing so. 

The reality is that this is rarely true however. Energy bills are a good example ‒ when you reach the end of your initial tariff, you move onto your lender’s standard tariff. These standard tariffs are the most expensive around, and mean your energy costs will shoot up. In fact, they are so costly that these tariffs were the reason that Ofgem introduced the energy price cap, to try to limit how much of a rip off they are. 

By shopping around for a new deal at the end of your energy tariff, you can avoid moving onto the standard tariff and therefore you save money.

It’s a similar story with bank accounts. All too often people stick with the same current account for life, rather than shopping around for one that better suits their needs, whether that’s because it pays interest on in-credit balances, has an interest-free overdraft, or even pays cashback on direct debits.