Apathy towards financial services is costing Britons millions of pounds each year with nearly a thir...
Apathy towards financial services is costing Britons millions of pounds each year with nearly a third admitting they cannot be bothered to change to better deals, according to research revealed by Virgin.
The "Inertia Index", which canvases the views of over 1,000 adults across the UK, shows that while 39% of people believe their money would work harder if they changed accounts, nearly 20% never considered they would be better off elsewhere.
Staggeringly however is that of the people who realised they were able to get a better interest rate savings elsewhere, an overwhelming 75% did not intend on acting on this, claiming it is "too much effort".
Likewise, apathy reigns in the arena of mortgages with almost a quarter aware that their mortgage is not the best available.
Despite this knowledge a majority, 62% are not planning to shop around believing that "changing adds up to hassle".
The Inertia Index also reveals that people in the North are most apathetic to change, with 70% of those aware of better mortgages elsewhere not bothering to shop around.
The most financially determined interviewees are borrowers in the South-East with only 4% feeling it is too much trouble to switch mortgages.
Virgin One Account's James Duffell says, "It's staggering to think that one in five Britons don't actually know if the interest rate they are paying is good or bad. When it comes to mortgages we found that there's a substantial number of people who don't know how their mortgages compare with other deals in the market."
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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