Net Up To £547 Per Year Saving Online
Financial comparison websites can help 84 per cent of adults cut bills, MoneyExpert.com analysis shows
And financial comparison websites are the ideal way to shop around for the best deals on car insurance, home insurance, personal loans, credit cards and mortgages.
MoneyExpert.com commissioned researchers Canvasse Opinion to audit the finances of the UK and found 84 per cent of adults are overpaying for one or more of these finance basics.
Researchers surveyed a representative sample of people across the country and then ran the results through MoneyExpert.com’s price comparison software. Insurance quotes were analysed through Experian’s ISL division.
The £547 annual household saving comes from switching home insurance, motor insurance, mortgages, personal loans and credit cards to the best deal for each individual.
The biggest saving would come from moving a personal loan deal. On average borrowers could save £204 a year by moving to the best rate.
Drivers could cut their car insurance bill by around £158 a year while homeowners would be £76 a year better off.
Sean Gardner, Chief Executive of MoneyExpert.com, said: "With everyone coming under increasing financial pressure from rising bills it makes sense to find every possible way to cut costs.
"Our analysis shows potential savings of up to £547 are on offer from reviewing basic financial products and that would be a major boost for household budgets.
"Not everyone will save that much but four out of five of us are overpaying for at least one of the financial basics. Typically, UK consumers are paying out £150 per year more than they need to – I’d urge people to spend just a few minutes online to review their finances."
MoneyExpert.com offers a unique service which enables people to find the financial products which best meet their specific needs, and which they are more likely to be successful in being accepted for. It includes exclusive research conducted by MORI, which reveals providers’ service levels. This information is married up with a financial database which lists the products suited to the customer. For the first time, people can review a product’s price, features and also the level of service offered by the provider to enable them to make a more informed choice.
MoneyExpert.com aims to demystify the complex world of personal finance, and to help inform customers of the choices available. The service can be found at www.moneyexpert.com.
(1) Canvass Opinion surveyed 1,622 UK adults online between December 21st and January 2nd 2008. Response information was passed through MoneyExpert.com’s price comparison software to generate example quotations in order to determine respondents’ potential savings. Experian’s ISL division provided analysis on Motor and Home Insurance quotations. www.MoneyExpert.com.
MoneyExpert.com was formed in May 2003 after a management buyout of Blays, the longest established provider of comparison data to the financial services industry. The organisation provides an up-to-the minute financial comparison service allowing customers to select from all suitable products from all relevant providers. It is partnered with the financial research company Defaqto whose customers include a number of banks and insurance companies as well as the Financial Services Authority.
MoneyExpert.com was rated the best comparison website for customer experience by research group Global Consulting in its report Comparing the Comparison Sites published in May 2007.
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