The UK population is experiencing a crisis of financial apathy, with more than half (51%) of Brits sticking with their current financial habits or savings plans, even though there are better alternatives available.
New data from savings app Spring found the majority of UK consumers are unaware how to, or are unwilling to, change their financial or savings habits, putting them at risk of missing out on significantly better returns.
A fifth (22%) are concerned they will regret making the wrong decision, and 15% feel overwhelmed by the choices, with a similar proportion believing switching seems like too much effort or time.
The research also found people aren’t confident in their ability to compare financial options (13%) and find it difficult to understand how switching would help them in the long term (13%).
Spring said there were regional differences in approaches, with those in Plymouth (56%) most likely to stick with their current provider, while those in Sheffield (46%) were more likely to explore better options. Londoners showed the greatest disparity between satisfaction with their current financial habits (36%) and the likelihood to stick with them anyway (53%).
Derek Sprawling, managing director of savings at Spring, said: “It is clear that people up and down the country are putting their financial wellness to the bottom of their admin list, even though it is simple to earn significantly better returns and it’s often much simpler than people think to generate better returns.
“Many people leave their surplus cash in a savings account with their high street bank but these have some of the poorest rates available.”
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