Are you switched on? Why more people should switch their home services

Are you switched on? Why more people should switch their home services

Since the cost of living crisis began in late 2021, household budgets have been under increasing strain. Everyday spending has been cut back as families across the UK have made sacrifices to make ends meet. And yet, there’s one thing many have missed which could provide them with vital savings - switching their household services.

Today, UW released a report unveiling the UK’s attitudes to switching, along with the barriers preventing people from switching and what can be improved to help more people switch. Needless to say, the results have been fascinating.?

Despite the difficult economic climate, more than a quarter of households (26%), or 12.7m people, have not switched their energy, broadband, mobile or insurance provider in over three years and are missing out on an average saving of £200 per year. Given that three-quarters of bill payers still fear that the price of household services will rise over the next twelve months, the question remains: why aren’t more consumers switching to find a better deal??

For many, holding them back is the long-held belief that all suppliers are “essentially the same”. From our research, apathy was revealed to be the number one barrier to switching, followed by concerns that switching is too complicated and that it takes too long. This is fuelling a sense of “switching inertia” which is having a detrimental impact on household budgets and costing the UK more than £2.5 billion a year in higher bills.?

Such attitudes are extremely concerning. Not only are they preventing bill-payers from finding better deals, but they are also stopping consumers from discovering new products, services and systems for managing their household bills. Whilst it’s true that most suppliers in the market are the same, there are some genuinely innovative players. For example, at UW, we offer customers something different by enabling them to bundle together their four key household services (energy, broadband, mobile and insurance) into one bill and by doing so, customers unlock significant savings.?

The good news is that there are things that can be done to help people switch. Many consumers feel that the switching process would be made easier if they were able to speak to someone on the phone or in-person, or if the application process was quicker. A personal recommendation from a friend or family member also goes a long way to helping people switch. Over half of us trust the advice of someone we know when trying to find the right deal which shows how powerful word-of-mouth recommendations can be.??

Offering an insight into why some people experience switching inertia, the research also analysed the impact that personality plays on household spending and switching behaviour. The research segmented consumers into four switching personas: Deal Deliberators, Stuck Switchers, Deal Hunters and Social Switchers and what they look for when it comes to switching.?

Given that there are better deals in the market, there is no need for consumers to be paying over the odds for their household bills. While it’s clear changes to the switching process need to be made, this shouldn’t prevent people from accessing meaningful savings, especially at this time when purse strings are tight. Instead, suppliers should be driving innovation in the market while educating consumers about the benefits of switching, empowering more people to take control of their finances.?

To read the full report, follow this link.

By Stuart Burnett (co-CEO)

Phil Tinning

Authorised UW Partner : Tutor at Freetime Outdoors

1 年

Stimulating with a small dose of frustration. Some will do their utmost to avoid making life better for themselves.

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Khadijah Jabbie Jaiteh

Registered Nurse | Team Leader @ Utility Warehouse I help families in the UK ???? earn a substantial extra income working from home. Reduce the cost of your household Utility Bills by bundling with UW.

1 年

Amazing information! ????

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Chris Webb

Helping SMEs cut energy costs with sustainable, future-proof management solutions. Join over 65 satisfied clients—will you be next? ??

1 年

Very true, the fact is there’s lots of families paying much more money than they need to…I meet people like that most days.

ian jewell

savings simplicity and service with the multi award winning Utility warehouse

1 年

Thanks for the update

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