Service switching increases as cost-of-living crisis bites hard

More than ever, Irish people are choosing to switch service providers, according to a new study by lender Capitalflow.

As the cost of living squeezes households across the country, consumers are investing time in finding a better deal. 91 percent of those surveyed said they had changed at least one service in the past five years.

The main motivation behind such a switch was to get an improved offer, a smooth switch service and to take advantage of a rewards program.

Insurance services saw the highest customer turnover, Capitalflow reported. Research found that 85 per cent of Irish adults switched car insurance provider and a further 70 per cent chose to switch home insurance.

Almost half have changed health insurance in the past five years.

As energy costs skyrocket, utilities have also seen an increase in switching activity. Three-quarters of adults have switched gas providers, with almost half of respondents happy to shop for the top deal.

Bundle discounts proved to be a further incentive for consumers to switch to a new provider, with almost a third of those surveyed switching for this reason.

For consumers who chose to stay with their provider, 48pc attributed this to being satisfied with their current service, while a third believed it wasn’t worth the hassle. Almost 30 percent said they thought they already had a lot.

However, switching activity in Ireland slows down significantly when it comes to switching to a new bank or changing mortgage provider.

Less than half of Irish adults have switched to a new financial institution in the last five years, with 75 per cent finding it difficult to switch mortgage providers.

However, rising interest rates have seen more and more Irish people take the plunge.

The Banking & Payments Federation Ireland reported that more than 5,000 homeowners were approved to switch in the third quarter.

The value of these transfer permits was €1.2 billion.

Only 37% of respondents have switched checking accounts in the past five years.

However, 53pc said they would now consider switching to a fully digital bank. Service switching increases as cost-of-living crisis bites hard

Fry Electronics Team

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