The study showed 84 per cent of people stick with the same financial providers, while only 15 per cent regularly search for the best deals. Flexible financial products also proved less popular, with a quarter of people preferring to have their payments fixed every month and a third were not even aware that financial products could be flexible.
This contrasts to almost half of the respondents prefering to be flexible in order to try new experiences and shunning strict schedules in order to fit everything in during the day.
Stephen Leonard, director of mortgages at Alliance & Leicester, said: “Our research suggests that while people are adventurous in their day-to-day lives, it is interesting that this doesn’t follow through to their finances. This could ultimately mean they are losing out on the savings that could be made by shopping around for the best deals. It’s a good idea for people to consider being more flexible by reviewing their finances regularly rather than getting stuck in a financial rut.”
Roy New, a London-based sole broker, said: “Interest rates have not moved in a long time and have lulled people into a false sense of security. Until people get a sharp shock from interest rates going up, they are quite happy to stay where they are.”
Leonard added: “It is important that consumers consider the advantages of flexible financial products, as they could also be missing out on additional benefits such as payment holidays and overpayments on their mortgage which can greatly aid and enhance their financial planning.”
