It might be boring, but shopping around pays off, says consumer authority

A young family can save up to €2,100 by shopping around when buying financial products such as mortgages and insurance, the Dutch consumer authority ACM says in a new report.

An older couple can save even more – up to €2,400 – by watching where they put their cash, the ACM says.

The authority analysed 15 different financial products and worked out how much they cost different types of household. While the biggest savings are to be made when signing new agreements, switching provider can also result in lower costs, the ACM says.

The price difference is widest in the mortgage sector, where the difference in costs can be as much as €550 over a year.  Car insurance policies show a €500 gap between the cheapest and most expensive deals.

‘It may not be the most exciting thing you could do with your time but comparison-shopping does sometimes save you those extra euros,’ said ACM chairman Chris Fonteijn.

‘Consumers who look around, comparison-shop, and then make the purchase or switch actually promote competition. And with increased competition, businesses will offer more choices or make you a better offer.’