Although 79% of Brits are more careful about the price they pay on purchases during the cost of living crisis, a fifth haven’t changed their spending habits. According to by iD Mobile, four in five Brits believe that they have lost money on products or services because they have not shopped around for the best deals.
In the last 12 months alone, Brits think they could have saved on average £114 on tech purchases alone by shopping around, with a fifth saying that even just a single penny would be enough for them to consider purchasing a tech product from an alternative retailer. Despite this, 15% of Brits said they haven’t done so because it’s too much effort, they’re lazy, and they don’t know where to go to find a better deal.
And half of the population admit to not shopping around due to comfort with their current provider, despite cheaper deals being available elsewhere.
Research was conducted in support of iD Mobile’s new digital ad campaign, ‘Wake Up’. The campaign features a new “spokes-bear” for the brand called HeiDi – a rock-loving bear who’s here to “wake up” a nation of ‘mobile hibernators’ sleepwalking through expensive phone deals.
Numbers Expert, Bobby Seagull said: “The festive season is a really challenging time for so many financially and involves the need for careful budgeting and saving. At the moment every penny counts, and so we really need to wake up to our financial spending and ensure we’re getting the best deals for the things we love.
“It can often feel like a time consuming and difficult task, but a really easy step we can all take to make our cash go further is to shop around for the best deals on products and services.
“Switching mobile providers to a network such as iD Mobile is a simple way of cutting back that could save you up to £152 a year. And with loads of added extras at no extra charge, such as Inclusive Roaming and Data Rollover, you’ll likely be getting more bang for your buck!”
Lewis Henry, Head of Customer and Marketing at iD Mobile, said: “We’re heading into the most expensive time of year. That, coupled with the fact that we’re currently facing a cost-of-living crisis with continuously rising bills, means it’s set to be a particularly tricky time financially for many of us.”
The research also showed that parents estimate they’re paying around £224 a month towards bills for their adult children, which causes financial stress for almost half (40%). Yet, 66% said they do it because they love their children, 50% because they think with the current cost of living crisis their children just can’t afford it; nearly a third (29%) do it to enrich their children’s lives. A fifth (21%) of parents have also experienced an unexpected bill coming through because of their children’s mobile phone use, with the average bill totalling £307.
