• Research from iD Mobile shows that 84% of Brits have purchased a product or service that they later found out they could have bought for much less.
  • Brits believe they have lost £114 on average over the past year by not shopping around for the best tech deals
  • iD Mobile is encouraging customers to “wake up” to their financial spending and consider switching mobile networks for savings on average £152 cheaper vs major networks
  • Black Friday Event deals at iD Mobile will also save customers up to £140.

It’s not new news that the nation’s purse strings are stretched like never before, and new research shows that although 79% of Brits are more careful about the price they pay on purchases today, versus one year ago, a fifth hasn’t changed their spending habits.

 

According to research1 conducted by iD Mobile, the mobile virtual network operator (MVNO) from Currys, four in five Brits (84%) believe that they have lost money on products or services because they have not shopped around for the best deals.

 

In the last 12 months alone, Brits think they could have saved on average £114 on tech purchases alone by shopping around, with a fifth (19%) saying that even just a single penny would be enough for them to consider purchasing a tech product from an alternative retailer. Despite this, 15% of Brits said they haven’t done so because it’s too much effort, they’re lazy (11%), and they don’t know where to go to find a better deal (11%). And half of the population (49%) admit to not shopping around due to comfort with their current provider, despite cheaper deals being available elsewhere.

 

The over 65-year-old age group are the least likely to shop around for the best deals, with the younger generations most likely to shop around before purchasing – with almost half (45%) searching for deals on electronics, mobile phone contracts (39%) and internet (36%).

 

Although a quarter of Brits (24%) feel angry after finding out that they could have saved money on a purchase, a whopping 44% of Brits don’t do anything about it – with those aged 65 and over making up the majority of this group. Frustrations with our spending habits may also be tied to the fact that a third (29%) of respondents say that they have forgotten to cancel unwanted subscriptions, leading to unnecessary recurring payments. With recent independent findings suggesting the average UK household spends £41.70 per month on subscription services, this could quickly become a cost-saving Brits are simply neglecting to act upon.

 

Across products and purchases as a whole, Brits believe they are most likely missing out on deals and spending more money than needed on their internet contracts (22%) and groceries (22%) and a third (32%) of 18–34-year-olds think they could better their mobile phone contract.

 

Regarding our mobile phone contracts specifically, almost a third (28%) feel they’re not getting the best deal, but have no idea why not. However, this may be because a quarter (22%) failed to shop around for the best deal on their mobile contract. Instead of leaving their current network or looking for a new deal when their mobile phone contract comes to an end, nearly half (48%) of those over 65 years old stay on the same mobile plan (data, text and minutes), paying the same amount, despite like-for-like options on the market that are cheaper. With this in mind, while they do decide to search for deals, over 65s rely on price comparison websites (57%), while 42% of 18–34-year-olds turn to family and friends for guidance – double the amount of over 65s (24%).

 

Switching to the iD Mobile network is a simple and effective way to save money while not compromising on the handset or usage inclusions – with an average saving of £152 a year on like-for-like phone deals versus the major networks. Additionally, customers looking for a SIM-only option can save an average of £9 a month on SIM only plans vs. major networks4. iD Mobile customers can also take advantage of 99% UK coverage, Data Rollover, Roaming in 50 destinations, and the UK’s fastest 5G, powered by Three, as standard on all plans.

 

With the iD Mobile Black Friday Event now live until Tuesday 29th November 2022, customers can immediately save up to £140 on some of the most popular phones:

 

Handset Monthly cost   Upfront  Data/Mins/Text Save 
iPhone 13 128GB £40.99 £29.00 Unlimited £96.00
iPhone 14 128GB £38.99 £99.00 Unlimited £72.00
iPhone 14 Pro 128GB £52.99 £99.00 Unlimited £72.00
Samsung A13 2022 £17.99 N/A Unlimited £72.00
iPhone SE 64GB (3rd Gen) £28.99 N/A Unlimited £72.00
iPhone 12 64GB £36.99 £29.00 Unlimited £24.00
iPhone SE 128GB (3rd Gen) £28.99 N/A 50GB £120.00
iPhone SE 256GB (3rd Gen) £33.99 £29.00 Unlimited £144.00
iPhone 13 512GB £52.99 £79.00 50GB £144.00
Samsung A23 5G £21.99 N/A Unlimited £120.00
Google Pixel 7 128GB £29.99 £9.00 Unlimited £120.00
Google Pixel 7 Pro 128GB £33.99 £49.00 25GB £120.00
Google Pixel 7 Pro 256GB £38.99 £99.00 Unlimited £120.00

 

The research was conducted in support of iD Mobile’s new digital ad campaign, ‘Wake Up’.  The campaign features a new “spokes-bear” for the brand called HeiDi – a rambunctious rock-loving bear who’s here to “wake up” a nation of ‘mobile hibernators’ sleepwalking through expensive phone deals.

 

Numbers Expert, Bobby Seagull commented: “The festive season is a really challenging time for so many financially and involves the need for careful budgeting and saving. At the moment every penny counts, and so we really need to wake up to our financial spending and ensure we’re getting the best deals for the things we love.

 

“It can often feel like a time-consuming and difficult task, but a really easy step we can all take to make our cash go further is to shop around for the best deals on products and services.

 

“Switching mobile providers to a network such as iD Mobile is a simple way of cutting back that could save you up to £152 a year. And with loads of added extras at no extra charge, such as Inclusive Roaming and Data Rollover, you’ll likely be getting more bang for your buck!”

ID mobile Infographic – Children-FINAL 

Lewis Henry, Head of Customer and Marketing at iD Mobile, adds: “We’re heading into the most expensive time of year. That, coupled with the fact that we’re currently facing a cost-of-living crisis with continuously rising bills, means it’s set to be a particularly tricky time financially for many of us.

“At iD Mobile, we’re encouraging Brits to “wake up” to all of their spending habits so that they can identify ways to save on their bills and subscriptions. Shopping around for deals and looking to switch to a mobile network – like iD Mobile – can be a quick and simple way to help save money. As well as average savings of £152 a year on phone plans and £108 a year on SIM-only plans, our ‘Black Friday Event’ includes some of the best value deals available at this time of the year. With all plans coming with a host of fantastic features as standard – like Data Rollover, inclusive Roaming in 50 destinations and the UK’s fastest 5G –  there really is a deal for everyone.”

 

Additionally, the research also showed that parents estimate they’re paying around £224 a month towards bills for their adult children, which causes financial stress for almost half (40%). Yet, 66% said they do it because they love their children, 50% because they think with the current cost of living crisis their children just can’t afford it; nearly a third (29%) do it to enrich their children’s lives. A fifth (21%) of parents have also experienced an unexpected bill coming through because of their children’s mobile phone use, with the average bill totalling £307.

 

For more information on iD Mobile packages, please visit idmobile.co.uk.