A recent survey by Alliance & Leicester has found that many people are willing to try something new when going to a restaurant, but few can be bothered to switch their financial services providers!
Around 85% of those questioned vary what meal they have when they eat out, but when it comes to their finances, four out of five usually stick to the same providers. Only 15% will regularly search the market for the best deals. The majority of people also said that they preferred fixed to flexible financial products, and a quarter of those polled said that they liked their payments to be fixed every month, while a third were not even aware that financial products could be flexible.
Our view
This is the 'cardinal sin'. The difference between the highest and lowest performing funds and the highest and lowest charging plans can mean differences of hundreds if not thousands of pounds over the years.
You must review you mortgage, pensions, savings and insurance contracts regularly.
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