NCA says 80% save money by switching utility providers

Thursday 14 August 2014 16.21
People who switched mobile phone provider made an average monthly saving of €24
People who switched mobile phone provider made an average monthly saving of €24

More than 80% of people who chose to switch utility providers saved money, according to the latest research published by the National Consumer Agency. 

The survey of 999 people in June and July found that people who switched mobile phone provider made an average monthly saving of €24.

Those who switched their electricity provider saved an average of €21 a month, while car insurance and gas supplies switchers both reported an average monthly saving of €15.

Switching levels were highest for car insurance, with 25% of consumers having switched providers in the past 12 months.

The research showed that 43% of respondents had switched at least one product or service within the last year.

Consumers under the age of 35 stated that they are more likely to change service providers more often, while those over 65 are more likely to stick to the same ones. 

It also revealed that 76% of consumers who have switched in the last year found the process "easy".

Consumers rated gas and electricity supply services as the easiest to switch, while changing banks and financial institutions was found to be the most difficult.

"While the research is positive in that many consumers are actively looking for better value, disappointingly there are still a significant number of consumers who don’t consider alternative providers," commented Fergal O'Leary, Director of Consumer Contacts and Insights at the National Consumer Agency. 

"This is particularly the case when the savings made by switchers clearly highlight the benefits of taking time to research alternative providers.

"It is very likely that consumers are paying more than they need to by not checking regularly to see if there are better deals available to them."