A new study commissioned by TalkTalk has found that over two-thirds (69%) of Brits are losing out as a result of being creatures of habit.
The research revealed a quarter of Brits (25%) admit that unwillingness to change and look elsewhere for better value options has cost them money. With the average amount being £71 in the past year alone, the national bill would amount to over £1billion of unnecessary costs.
Shampoo, teabags and haircuts are just some of the things Brits are paying over the odds for as a result of avoiding change, while switching TV or broadband provider is amongst the top five things we hate to change.
Unfortunately for BT and Sky, who recently increased prices mid-contract, 65% of Brits state an increase in price as the main reason they would change their broadband provider. TalkTalk is encouraging people to assess their habits to ensure they’re getting the best broadband deal when their current contract comes to an end.
Citizens Advice** recently called for an investigation into the extra price of “loyalty”, with the charity estimating that longstanding customers could be paying £987 more a year because of a failure to switch.
Those currently with BT, Virgin Media and Sky could save up to £171 by switching to TalkTalk’s best value Fixed Low Priced Plans, which guarantee no mid-contract price hikes, unlike other major providers.
Aleks Habdank, Acting MD TalkTalk Consumer said: “While refusing to change things like our spot on the sofa may only be costing us a bit of household harmony every now and then, it’s the other things we avoid switching which may come at a heavier price.
“Price rises, such as those experienced by BT and Sky customers recently, means we are paying far more than we need to. The majority of consumers are also unaware that they can switch provider penalty free if their price increases mid-way through a contract, so the power is in customers’ hands to make a change.”
The research found that now is the time consumers are most willing to make a change, with January and February being the most popular months, while Monday is the day of the week they felt most comfortable.
Stress and anxiety were the main reasons Brits said they avoided change, with over half (51%) stating it made them feel uneasy.
Top 20 things Brits hate to change: