Many Brits take the opportunity to reset their personal finances in the new year, but those who have reached February without getting started may not be alone. Ignoring to-do lists could be costing Brits as much as £2,500, every year, according to new research, with 48% of respondents putting off their financial admin. A poll of 2,000 adults conducted by OnePoll revealed the true price of procrastination, detailing the average savings that consumers could be missing out on.
The top neglected tasks included cancelling subscriptions, researching the best deals and organising paperwork. The majority (67%) admit to setting reminders for such tasks and then ignoring them. Struggling to find motivation was one of the top reasons that Brits are putting off life admin tasks (29%), followed by a lack of time and forgetfulness. Blue Light Card, the membership card for sectors including NHS, emergency services, social care sector, teaching community and armed forces, has broken down the top money-saving tasks according to the research findings.
Booking travel early on for the cheapest rates saved Brits on average £220, transferring balances on high interest credit cards, £206 and switching banks for better interest rates returned on average £168 to consumers’ pockets.
Meanwhile, the research calculated an average saving of £128 by those who crossed shopping around for energy providers’ off their list, while savvy savers that switched utilities suppliers, moved banks or transferred a credit card balance reported pocketing on average £157 in additional joining bonuses.
When it comes to insurance, consumers who shopped around saved an average of £103 annually on car insurance, £163 on life insurance and £86 on home and contents policies, whilst those who procrastinated on their policies reported additional average losses of £121 on average, on the likes of car repairs, household appliances and cracked phone screens.
A spokesperson at Blue Light Card, said: “We know that for our members working on the frontline, time is precious and after a tough shift, life admin is the last thing anyone wants to do. Findings show that the jobs we tend to procrastinate on can prevent our members from saving significant sums over the course of a year. We’re encouraging anyone who hasn’t yet shopped around for the best deals on utilities, home insurance and banking to finally tick these jobs off the to-do list and snap up a deal.”
Average amounts saved according to a poll of 2000 UK adults, independently conducted by OnePoll
Transferring high interest credit card balances to 0% – £205.53
Switching bank accounts for better interest rates – £168.49
Negotiating bills or contracts – £158.63
Getting a switching bonus for changing banks, credit card companies or utility providers – £156.64
Shopping around for better deals from energy providers – £127.51
Buying in bulk (e.g. food, cleaning products etc.) – £127.14
Switching to a cheaper energy tariff – £125.86
Comparing supermarket prices – £121.85
Making sure your insurance policies are up to date – £120.38
Cancelling unused memberships (e.g., gym) – £104.59
Shopping around for car insurance – £102.66
Checking my eligibility for discounts, memberships and loyalty schemes – £99.82
Using cashback websites – £97.50
Claiming refunds – £94.63
Shopping around for home and contents insurance – £85.76
Shopping around for travel insurance – £84.36
Changing broadband or mobile provider – £81.29
Cancelling entertainment subscriptions (e.g. Netflix, Spotify, Disney + etc) – £81.08
Cancelling magazine and app subscriptions – £76.60
Changing to a cheaper phone contract – £68.51