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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.”

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