Australia’s Lost Savings: Is Your Household Missing Out?

Australia’s Lost Savings: Is Your Household Missing Out?

It’s fair to say financial pressure is packing quite the punch for many Aussie families right now. Between higher interest rates, soaring grocery prices, sky-high petrol costs and increased power bills – managing your household bills and expenses is a tough task for so many of us.  But did you know there could be extra savings to be found if you’re willing to just take a little bit of time out of your no-doubt busy schedule to look for them? That’s right! Read on as we break down how you could potentially uncover some extra savings and help ease some of that financial pressure.

Australia’s Lost Savings: Is Your Household Missing Out?

1. Why loyalty may not pay

Recent YouGov research, commissioned by comparison service iSelect, has suggested that Aussie households nationwide could be missing out on $18.7 billion in lost savings each year by remaining loyal to the same household service providers or plans, while the study also suggested that savvy Aussie households who took the time to switch providers and/or plans during the past 12 months, could have potentially saved a combined $3.9 billion on their household bills and expenses.  This means that for each Aussie household that switched and saved last year, it’s estimated that this could equate to an average of around $1,140!

When we talk about household service providers or plans, this could include your gas and electricity, or a range of insurance products including health, car, home and contents, pet or life insurance. So, combine the results of this study with the current cost-of-living crunch, and now could really be the perfect time to make sure you’re not losing out on any potential savings. Extra money that could really help ease financial strain by comparing from a range of household plans/policies and seeing if you could switch and save!

2. Where you should start

It’s a great idea to consider starting your review off with a health check. If it’s a been a few years since you took a good hard look at your health insurance policy, there’s a chance it no longer aligns with your needs. For example, your family may be well and truly complete, but you could still be paying for IVF and pregnancy. The research also found Aussie households surveyed that switched their health Insurance plan and/or provider within the past 12 months found an average saving of $520 annually.

If you are reviewing your health insurance cover, now is also a good opportunity to get yourself up to speed on changes to premiums in 2023.  Some health funds will be increasing their premium rates from April 1, while some others have deferred their annual price rises later in the year.

3. Need some help?

Between grocery shopping, running the kids all around town and trying to maintain somewhat of a social life… no doubt you’re a busy woman and the thought of sitting down and reviewing your household bills and expenses can seem daunting! But you’re not alone in this.

Whether it’s your energy plan, health insurance policy, or your car insurance, a comparison service such as iSelect* can assist you by comparing from a range of insurers and policies, saving you time and effort – and with our study suggesting there could be some substantial savings to be found, why not get cracking today.  

*iSelect does not compare all products in the market. The availability of products iSelect compare may change from time to time. Not all products made available from iSelect’s providers are compared by iSelect and due to commercial arrangements, area or availability, not all products compared by iSelect will be available to all customers. Some products and special offers may only be available from iSelect’s call centre or website. Click here to view iSelect’s range of Providers.  

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