Hold the phone: one in five admit they’re unlikely to switch mobile phone providers when their contract runs out
And one in ten forget about their personal finance products until they’ve already auto-renewed…
Contract renewal prices rarely offer the best price available. But despite this, many people are still hesitant to switch, especially when it comes to mobile phone contracts, new research from Go.Compare has revealed.
More than 1 in 10 Brits (12%) admit they regularly forget about their renewal until it’s already too late, and a further 16% said they typically let the auto-renewal go through instead of shopping around.
The research also revealed that there are some products we’re much less likely to shop around for than others. Over a fifth of people (22%) said their mobile contract was the thing they were least likely to switch providers for, while 17% said it’s unlikely they’d shop around for their broadband.
| Product | % of people unlikely to switch* |
| Mobile phone contract | 22% |
| Broadband | 17% |
| Energy (electricity/gas) | 16% |
| Car insurance | 12% |
| Life insurance | 11% |
| Pet insurance | 10% |
| Home buildings/contents insurance | 7% |
A further one in ten admitted they are unlikely to switch their car insurance, possibly missing out on savings of £133**.
The comparison site asked Brits about their habits when it comes to shopping for personal finance products and discovered that while nearly half (48%) regularly compare the deals available before renewing, others aren’t so diligent.
The research also reveals that across all products it’s older customers who are most likely to always compare their options to negotiate a better price (35%) while one in five of those aged 18 to 24 tend to forget about their renewal until it’s already auto-renewed.
Matt Sanders, spokesperson for Go.Compare commented on the findings: “While auto-renewing might feel convenient, most customers will be paying the price for letting their contracts roll over. Our research shows that there are a significant amount of people in the Uk who could save money on their household bills simply by shopping around- particularly when it comes to their mobile contract, broadband and energy provider.
“Shopping around and switching providers doesn’t have to be complicated or time consuming - using a comparison website like Go.Compare makes it easy to see multiple options in one place and find a deal that gives you what you need at the best price.
“If you are someone who tends to forget that a bill is renewing, the new year is a good time to sit down and work out when your expenses renew and set yourself reminders to shop around.”
For more money saving tips and to compare your bills visit https://www.gocompare.com/savings/money-saving-tips/
Contact Information
Rubie Barker
Notes to editors
-ENDS-
Notes to Editors
*These findings are from a study released by Sago between November 2-4, 2024, among a random selection of 2,037 of GB adults ages 18+ who are online panelists of Sago’s Community.
The results were weighted by age, gender, region, and ethnicity to match the population, according to Census data. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. Discrepancies in or between totals when compared to the data tables are due to rounding. Excerpts from this release of findings should be properly attributed, with interpretation subject to clarification or correction.
**Data on Car Insurance Sales only purchased between 01/11/23 and 31/10/24. Savings rounded down to nearest GBP. Excludes all renewal prices where the price given falls above top 2.5% of all purchase prices for car insurance in the given time period.
For further information please contact:
Lynsey Walden or Kath Chadwick at Go.compare on lynsey.walden@gocompare.com or kathryn.chadwick@gocompare.com.
Keep up-to-date with GoCompare on Twitter; @GoCompare
About Go.Compare
Go.Compare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. Go.Compare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.
Go.Compare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
Go.Compare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).
More information can be found here www.gocompare.com