MORE than half the adult population worry about money, but millions are failing to take simple steps that could reduce the pressure on their household budget.

According to savings provider NS&I, 29 million Britons are concerned about their finances. Yet, by overpaying for products and services available more cheaply elsewhere, many are throwing away hundreds, and in some cases thousands, of pounds a year.

According to price-comparison website GoCompare, a fifth of householders have never switched any of the ten most common financial products and fewer than half have made a change in the past 12 months.

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Research by TopCashback supports these findings. The research found that 56 per cent of consumers have stayed with a utility provider despite wanting to pay less – in the vast majority of cases, because they thought switching would be too much trouble.

But the comparison and cashback site contends that it often is not necessary to leave to reduce household bills, as negotiating can pay dividends.

Natasha Rachel Smith, TopCashback’s consumer money expert, said: “If a consumer is unhappy with a provider in any way, whether it’s the price, customer service or the product or service, they should be having a conversation with their supplier to see what can be done.

“Negotiating can feel awkward, but a momentary feeling of being uncomfortable can reap huge rewards. It’s very much a case of if you don’t ask, you don’t get.”

Those who do haggle report that offering a lower price than a service is worth and meeting in the middle is the best way to obtain an improved deal.

Other successful tactics include never taking the company’s first offer, making clear you are prepared to walk away if the discount is not big enough, using deals available from rival companies as leverage and building a rapport with the agent.

TopCashback said that consumers who get over their fear of haggling and take this type of proactive approach can save an average of £206 a year.

If they do not receive an acceptable offer, there is still the option of going elsewhere.

Ms Smith said: “If, after attempting to haggle, a company is unable to provide what is wanted, consumers should look to switch and find the best deal available.”

Last year, around a quarter of consumers changed their motor or home insurer, but fewer than one in six swapped energy supplier.

Loyalty to other financial relationships is even stronger, with only one in ten changing broadband, phone or credit card provider in 2017 and just one in 20 swapping mortgage to cut their repayments.

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Fewer still moved banks. According to TSB, only two per cent of current account holders used the seven-day switching service in 2017, and 39 per cent remain with the bank their parents chose for them when they opened their first account.

Matt Oliver from GoCompare said: “In 2017 car insurance premiums hit a record high and the cost of home cover also increased, and it seems this was the cue for many people to shop around and switch to a better deal.”

In the vast majority of cases, finding a cheaper alternative and making the swap is quick and straightforward.

The simplest way is via one of the many online comparison sites, which will provide a range of options tailored to your individual needs and carry out the switch on your behalf.

To ensure you have enough time to make good choices, keep a diary note of renewal, fixed-rate and introductory offer expiry dates and research the options with a couple of weeks to go.

As well as comparing prices and headline rates, check the small print. Make sure you are making like-for-like comparisons and understand all the charges, any penalties, exclusions and terms and conditions, and that the product is right for you.

According to regulator the Competition and Markets Authority, someone moving to a current account better suited to their needs can typically save £70 a year.

Meanwhile, GoCompare quotes an average saving of £279 for someone comparing deals before switching car insurer and £71 for home insurance.

For those remaining loyal for several years, the benefits can be even greater. The owner of a four-bedroomed house who spent around a decade with the same provider for combined buildings and contents cover could reduce the cost from over £500 to around £150 by shopping around.

Matt Oliver said: “Where insurance is concerned, loyalty doesn’t pay. Providers typically use their best deals to attract new customers, so often the only option for existing customers is to go elsewhere. Fortunately, switching is quick and easy.”