Australians could easily save about $1140 each year in bills and household expenses, but many haven’t thought to do it.
Results from a YouGov survey, commissioned by iSelect, showed that over half of Australian households are losing money simply because they have not switched products and services in the last 12 months.
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This “loyalty tax” is collectively costing Aussie households about $18.7 billion in savings annually (about $1140 per household), according to the survey which involved about 2000 people.
“We understand life is busy and we can easily fall victim to paying a ‘loyalty tax’ on household bills because we haven’t found time to shop around,” iSelect spokesperson Sophie Ryan said.
“But the good news is we could reclaim these lost savings by simply shopping around and comparing our options.”
When it comes to the issue of the rising cost of living, top concerns among Aussies included groceries, electricity and gas bills, petrol expenses, mortgage or rental costs, followed by health insurance and credit card interest rates.
Results showed Aussies rank energy as their second most pressing concern after groceries, given that the global energy crisis is driving up energy bills worldwide.
Research has found that Aussie households could potentially collectively save up to $3.2 billion a year by simply comparing provider costs and making the switch to another electricity plan or provider.
Similarly, Aussie households can collectively save up to $1.5 billion every year if they switch their gas plan or provider.
When it comes to petrol costs, the survey found 79 per cent of Aussies who switched their car insurance were able to save a substantial amount in the last 12 months.
Overall, the survey showed a number of Aussie households were able to recover “lost savings” if they switched providers, with 80 per cent saving a substantial amount in life insurance costs.
Other households that were able to save big amounts included those who switched their car insurance and pet insurance providers.
Other ways where Aussies have recovered lost savings include switching providers when it comes to home insurance, mobile plans and data, home loans, and home internet.
“This means that for each Aussie household that switched and saved last year, it’s estimated they saved an average of around $1140,” Ryan said.
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