AUSTRALIANS are sticking with their utility and financial service providers despite admitting it’s likely to be costing them more.

daily telegraph

Procrastinating about switching to better deals is common — 40 per cent of Australians said they deliberately put off changing anything from their home loan to their mobile phone contract even though they know it would save them money.

Lonergan research commissioned by mobile service provider Amaysim found 86 per cent of Australians believed they could save at least 15 per cent on everyday expenses if they switched but said they could not be bothered putting in the effort.

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And about one in two Australians (56 per cent) conceded they “set and forget” their personal finances and household utilities and superannuation, credit cards and electricity topped the list.

Ark Total Wealth senior financial adviser Chris Magnus said Australians weren’t doing enough to try to save themselves money.

“A lot of the switching gets put into the too-hard basket pretty quickly,’’ he said.

“Coming up to the end of financial year is the perfect time to be looking at these things.

“If you do look at the pennies the pounds will look after themselves.’’

Mr. Magnus said the utility and financial service industry had become extremely competitive offering customers better deals than ever before — particularly on products including home loans with interest rates at historically record lows.

Consumer group Choice’s spokesman, Tom Godfrey, said lazy Australians were paying the price.

“There’s no doubt Australians often get slapped with a “lazy tax” when they auto renew or fail to push their existing provider for a better deal,’’ he said.

“Switching providers can be a good way to save money but it’s worth seeing what your existing provider is willing to do to keep your business.

“It’s also worth ensuring you won’t be hit with excessive break costs when changing providers.’’

Godfrey encourages Australians who receive renewal notices to “turn up the heat” on their provider and ask for a better deal.