Monday 16 July 2018

Householders miss out on €300 a year due to 'fear of switching'

Managing director of Switcher.ie Eoin Clarke
Managing director of Switcher.ie Eoin Clarke
Charlie Weston

Charlie Weston

Large numbers of people are missing out on savings on household bills because of fears that switching is too much hassle.

Householders also fear getting tied into long-term contracts and are unable to tell if they will save money by switching.

Research from Switcher.ie found that households are feeling the pinch, but fear a loss of service if they move to a new supplier to save money.

Staying with the same provider can mean missing out on deals that can save a household around €300 a year.

The research suggests that fear factors are continuing to prevent people from taking control and securing a better deal.

A survey, carried out for Switcher.ie, asked a nationally representative sample of 1,000 people about switching electricity, gas, home insurance, motor insurance, health insurance, current accounts, home phone, mobile phone, broadband, television and bin services.

A majority of people expressed an intention to switch at least one household service, but other research shows that many fail to follow through on this.

The biggest concern is about being tied into a contract or paying a deposit to start a new contract.

Another issue is an inability to tell if a new supplier would actually save consumers money.

Almost a third of the respondents considered switching to be too much hassle.

Large numbers are unsure if the new product would be the same as the one offered by their old supplier.

This is despite the fact that all electricity and gas suppliers use the same network to supply household energy.

Recent figures from the Commission for Energy Regulation show that just 14pc of households switched energy supplier last year.

The managing director of Switcher.ie, Eoin Clarke, said households were hard-pressed but many people still held back from switching over fears of losing out.

He added: "Our research shows that awareness of switching and households' intentions to switch are high, but people are still being held back by fear factors."

Irish Independent

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