Brits could save hundreds of pounds this year by switching car and home insurance, utilities and credit card providers, according to Gocompare.com.

Despite the recession squeezing household finances, and one in five Brits admitting to starting 2010 in a state of panic about money, nearly 20 million UK consumers have not switched on to switching, the research found.

Switching car insurance, home insurance, gas and electricity providers, broadband, credit cards, and mobile phone deals, could save Brits hundreds, which would come as a welcome boost to the quarter who say they urgently need to find ways of cutting the cost of living.

With 41 per cent of the population not switching financial and utilities providers in the last 12 months, there are significant savings to be made, Gocompare has calculated,

More than a third of Brits have cited bills and the general rising cost of living as the biggest source of their financial worries this year, yet in 2009 – a year of extreme belt-tightening in Britain – people are missing out on saving by switching.

In the last 12 months, less than a quarter have switched car insurance, home insurance, energy providers, mobile phone tariffs, while even fewer have switched credit cards or broadband providers.

Gocompare has calculated that consumers could save an average £211 each if they compare car insurance quotes and switch.

Commenting, Lee Griffin, business development director at Gocompare.com, said: “Comparison sites make it extremely easy to compare all manner of products and services from car insurance to credit cards.”

He added that while there are a lot of people who do compare deals and switch, millions are missing out on savings by being loyal to their current providers.

“In our experience the only reward you get for loyalty is a higher price than you’d pay as a new customer,” Mr Griffin said, “so shop around for the best deals and if your existing provider seems expensive, switch.”

© Fair Investment Company Ltd