84% overpaying for financial products

The average home could save £150 a year by shopping around for the best value financial products according to new research, while some households could save £547.

A study by MoneyExpert.com reveals 84 per cent of adults are overpaying for at least one or two financial products, such as insurance, loans, mortgages, investments and credit cards.

The biggest savings - £204 a year – can be made by switching a personal loan to a cheaper lender.

Average car insurance savings of £158 could be made, while home insurance savings of £76 are available.

Sean Gardner, chief executive of MoneyExpert, said: "With everyone coming under increasing financial pressure from rising bills it makes sense to find every possible way to cut costs.

“Our analysis shows potential savings of up to £547 are on offer from reviewing basic financial products and that would be a major boost for household budgets.

“Not everyone will save that much but four out of five of us are overpaying for at least one of the financial basics."

He went on to encourage people to spend a few minutes online to review their finances.