Gocompare.com launches ‘Saving the Nation’ campaign
Gocompare.com has unveiled a major new ad campaign entitled ‘Saving the Nation'. To coincide with the new advertisements, Gocompare.com has commissioned research which reveals that savvy Brits collectively saved £2.5 billion in the last 12 months by using comparison sites to shop around for better deals on their utility bills, insurances and other banking and financial products.
The new research also revealed that 72% of people have used a comparison site in the last year, while a third (33%) of respondents compare products on aggregator sites at least four times a year. A quarter of those surveyed said that comparison sites gave them more control over their money, 18% felt that since using the sites they were taking more interest in their financial affairs, and nearly one in five (18%) thought that managing their money would be much harder without comparison sites.
Brits are also sharing the savings - 15% of those surveyed have helped a friend or relative, who doesn't have interest access, to find a better deal online.
In 2011, car (36%) and home insurance (27%) were the top products customers switched to get a better deal. While many people have become committed comparers and switchers, millions could still be paying more than they need to for their insurance and energy because they stay loyal to their existing provider. But, often the reward for loyalty is a higher price than you'd pay as a new customer.
Top 10 switched products in 2011
Product/service - Percentage of people switching
1. Car insurance 36%
2. Home insurance 27%
3. Credit cards 13%
4. Energy suppliers 11%
5. Mobile phone tariffs 10%
6. Travel insurance 10%
7. ISAs 9%
8. Savings accounts 9%
9. Pet insurance 7%
10. Broadband tariffs 7%
John Miles, Gocompare.com's business development director, commented: "At a time when many people need to cut back on their outgoings, sites like Gocompare.com provide one of the most effective ways to compare a range of insurance and other everyday financial products. Comparison sites provide fast and current information on what's available, helping people access not just a cheaper deal, but enabling them to more easily compare products to find the best value for money.
"By their very nature, financial products are complex and the prospect of reviewing your money matters can be quite daunting. But, as our research shows, comparison sites are helping people become more money conscious and feel more empowered when making financial decisions. In fact, just under a fifth of people said that, since using an aggregator, they were taking more interest in their financial affairs, while 18% thought that managing their money would be much harder without comparison sites. And, as our survey shows, by regularly checking and comparing prices for their household bills, insurances and savings rates, the nation could make much needed savings."