With 15 million Brits admitting to feeling stressed about their finances every day, it may be time to review household expenditures.
Although the prospect is a daunting one for many of us, taking an inventory of incomings and outgoings, in addition to shopping around for the best deals, could create massive savings in 2012.
Despite the importance of doing your research when it comes to things like gas and electricity tariffs, a survey by Gocompare.com has revealed that 26 per cent of UK consumers have never switched providers for any of the 20 most popular financial products.
Moreover, eight per cent of Brits have never switched their energy provider, despite rising fuel costs.
John Miles, business development director at Gocompare.com, explained: “Nearly two thirds of Brits are expecting 2012 to be a very difficult year for their finances, but our research shows that millions of consumers could be missing out on hundreds of pounds worth of savings by not reviewing their finances and switching to better deals.”
With UK credit card debt totalling approximately £56.5 billion in 2011, according to the Bank of England, now is as good a time as any to think about making a switch.
Energy is one of the key areas in which savings can be made by shopping around.
Although all companies have raised the cost of their tariffs this year, there are still some competitive deals to be had.
Alternatively, sustainable energy sources, such as solar panels, could bring household savings in 2012.
Despite the controversy surrounding the Feed-in Tariff at the moment, subsidies are still available and higher levels of incentive could return if a judicial review of the government’s cuts is ordered.
Research by Consumer Focus has shown that Brits who installed solar panels under the Feed-in Tariff scheme have experienced a high level of satisfaction and reductions in annual energy bills.