Research by comparethemarket.com reveals consumer fear around switching providers is creating inertia in the market, which is fuelling providers’ profits but costing customers dearly to the sum of £235 on average*.
The Institute’s panel of experts recently explored potential solutions to the issue of inaction in the energy market, the most pressing being the creation of an energy switching guarantee. According to the research, taking this action in the market would nudge more than one in four (27%) of Britons to switch and save.
This news comes as the Government announces an ambition to introduce its own energy switch guarantee, referenced in the new Better Deal report. The new comparethemarket.com research – one of the first consumer opinion polls on the proposed UK-wide guarantee – reveals the urgent need for such an initiative and details exactly what consumers believe is needed to make it work.
* Based on customers who used comparethemarket.com to switch their gas and electricity in September 2015.