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Third of savers &#39too apathetic&#39 to switch products

Consumers are losing out because they cannot be bothered to switch to better savings products, according to research by Virgin One.

The lender&#39s Inertia index, which gathers the views of 1,000 adults across the UK, shows that 39 per cent of people think their money would work better for them if they changed accounts. Yet 75 per cent of these – equal to 30 per cent of all savers – do not intend to do anything about it.

Nineteen per cent of savers have never even considered that they might be better off somewhere else.

People in the North of England are the most apathetic while savers in the South-east are the most financially determined, with only 4 per cent viewing the prospect of switching products as too much trouble.

The story is similar on mortgages. Twenty-three per cent of borrowers are aware their mortgage is not the best they could get but 62 per cent of these do not plan to shop around because of the hassle.

Communications manager James Duffell says: “It is staggering to think that one in five Britons do not actually know if the interest they are paying is good or bad. When it comes to mortgages, we found that there is a substantial number of people who do not know how their mortgage compares with other deals on the market.

“Financial services are more geared up than ever before to be customer-friendly and taking time now could pay real dividends in the future. Getting everything transferred may sound like a lot of hassle but improvements in technology and better links between banks means it is a lot more straightforward these days.”


Clerical medical – Futureproof Secure Annuity

Monday, 18 November 2002 Type: Compulsory purchase annuity Minimum investment: Lump sum £5,000 Minimum age: 50 Income frequencies: Monthly, quarterly, half-yearly, annually Charges: Implicit Commission: Initial 1% Contact:

Independent view

The whole issue of honesty has overnight been raised to a higher, and dare I say, political level by the arrival on our desks of An Ethical Framework for Financial Services, the latest missive from the FSA. It will now enter the public domain almost as if it were not there before.The FSA&#39s message seems […]

Enterprise Investment Schemes – Lacomp British Enterprise EIS Funds

Friday, 22 November 2002 Aim: Growth by investing in four to seven companies at an early stage of development and companies seeking to expand Opening-closing dates: June 21, 2002-December 18, 2002 Charges: Initial 6.5%, annual 1.5% Commission: Initial up to 4%, renewal 0.5% in first three years Tel: 01276 475123

Accrual twist of fate

Throughout the articles in this series, I have looked at the key stages in formulating, presenting and implementing a share-purchase arrangement in a limited company, using Owl Sewerage Services Ltd as a worked example.First, then, to summarise the last few articles. The first key points I have tried to stress revolved around comprehensive fact-finding to […]


Guide: reporting to the Pensions Regulator — what and when?

Johnson Fleming has published a step-by-step guide demonstrating the importance of record keeping and reporting, and how it can ensure you operate a successful scheme. The guide takes you through some key questions you need to ask and identifies the information you need to obtain. The topics include: why you need to keep records and the benefits of doing this; registering your scheme; what information you need to record to ensure you meet the Pensions Regulator’s requirements; and what items need to be recorded and when.


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