Consumers 'need better understanding of finance products'

www.moneynews.co.uk > General finance > Consumers 'need better understanding of finance products'

Consumers 'need better understanding of finance products'

Mon 28th Jan 2008

Consumers need to have a better understanding of how to compare insurance and personal financial products in order to get the best deals.

This is the view of the price comparison website uSwitch, which claims almost half of UK consumers have never taken advantage of the savings that can be had by changing their energy supplier.

Tim Wolfenden, head of home services at the site, said switching is something that consumers often do with their gas and electricity, but he pointed out they can also do it with other financial services.

"Consumers really need to understand how they can find a better deal – be it on price, or be it on the service or be it on something else that actually better compliments their lifestyle," he remarked.

He said that when it comes to finding a better deal consumers should boost their chances by searching "the entire marketplace".

Simplyswitch.com recently claimed that consumers could make annual savings of as much as £360 on their mobile phone bills, £228 on broadband and £185 on credit cards by changing suppliers.

Related News : General finance
	Citizens Advice welfare applauds government
	Confused.com energy defends British Gas
	Bank of Ireland passes stress test
	Tesco Mobile deal 'courts consumers'
	Scottish Widows Investment Partnership notes favourable response
	Customers should fix now, says moneysupermarket.com energy
	Confused.com highlights importance of getting the best deal
	Prices on the rise, says moneysupermarket.com energy
	Bank of Scotland economic report 'suggests transitional phase'
	Clydesdale and Yorkshire Banks security advice issued