A new survey by Royal London has found that 58% of Irish consumers have no plans to switch their financial providers in 2022. The survey of 1,000 respondents nationwide conducted by iReach, aimed to gain an insight into people’s attitudes towards switching providers for their financial products, whether they plan to switch in 2022, and what their main motivation to do so might be.
The results show that those in the 55+ age group are more inclined to stay with their current provider because they think it’s “easier”. More than half of respondents say they have no plans to switch financial providers in search of better value this year. Just 14% of Irish consumers plan to look for a better deal on their health insurance even though recent reports suggest that hundreds can be saved by shopping around. And half that number, 7%, say they’ll look at switching their mortgage provider, despite reports in the press on the thousands that can be saved by moving provider.
Four in ten people are considering switching providers this year. For most, this will mean looking at their car insurance (27%) or their home insurance (20%). An increase in price either slightly (20%) or substantially (43%), will prompt most people to shop around (63%). The second biggest driver to act is the receipt of a renewal notice (36%). The media that people consume can also be a trigger with almost one in four people saying that if they read about lower prices being available elsewhere this would spur them onto shopping around.
Commenting on the research, Marketing Lead at Royal London, Sara Murphy said, "One of the barriers that may prevent people from switching is that they don’t think it will be easy or worth the hassle. Or they may be hesitant about changing over to a new provider or a plan in case it might not work as well as their current arrangement. However, switching and set up processes are very streamlined these days and may be much easier than you think. It can certainly be worth it financially to review the market, either yourself or through a Financial Broker, for the best value."
She added, "If you are looking for advice about life insurance or your financial planning, we would always recommend speaking with a Financial Broker as they can not only help save you time and money but will also make recommendations based on your individual needs and circumstances."