21 Common Financial Errors Cost UK Households £2,500 Annually
21 Finance Mistakes Cost UK Homes £2,500 a Year

21 Common Financial Errors Cost UK Households £2,500 Annually

A recent survey has uncovered that UK households are losing an average of £2,500 every year due to 21 simple financial mistakes, with procrastination identified as a major factor in these avoidable losses. The poll, conducted by OnePoll among 2,000 adults, highlights the significant savings consumers miss out on by delaying essential financial admin tasks.

The Price of Procrastination

A spokesperson from Blue Light Card commented on the findings, stating, "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." They added, "Findings show that the jobs we tend to procrastinate on can prevent our members from saving significant sums over the course of a year." The organisation is urging people to shop around for better deals on utilities, home insurance, and banking to secure savings.

Full List of Average Savings from Financial Admin

According to the poll, here are the average amounts saved by addressing common financial tasks:

  1. Booking travel early for cheaper rates - £219.65
  2. Transferring high interest credit card balances to 0% - £205.53
  3. Switching bank accounts for better interest rates - £168.49
  4. Negotiating bills or contracts - £158.63
  5. Getting a switching bonus for changing banks, credit card companies or utility providers - £156.64
  6. Shopping around for better deals from energy providers - £127.51
  7. Buying in bulk (e.g., food, cleaning products) - £127.14
  8. Switching to a cheaper energy tariff - £125.86
  9. Comparing supermarket prices - £121.85
  10. Making sure your insurance policies are up to date - £120.38
  11. Cancelling unused memberships (e.g., gym) - £104.59
  12. Shopping around for car insurance - £102.66
  13. Checking eligibility for discounts, memberships and loyalty schemes - £99.82
  14. Using cashback websites - £97.50
  15. Claiming refunds - £94.63
  16. Shopping around for home and contents insurance - £85.76
  17. Shopping around for travel insurance - £84.36
  18. Changing broadband or mobile provider - £81.29
  19. Cancelling entertainment subscriptions (e.g., Netflix, Spotify, Disney+) - £81.08
  20. Cancelling magazine and app subscriptions - £76.60
  21. Changing to a cheaper phone contract - £68.51

The total potential savings from these actions amounts to approximately £2,500 per household annually, emphasising the importance of proactive financial management. By tackling these tasks, consumers can significantly boost their budgets without major lifestyle changes.