Retirees and those close to retirement are pretty switched on when it comes to saving money and getting the best deal, new research suggests. 

Three quarters (75%) of people over the age of 55 are planning to switch insurance, broadband, TV, phone or utility providers this year, according to Sainsbury’s Bank. 

That compares to 72% of the UK’s adult population as a whole. Sainsbury’s Bank commissioned Opinium Research to survey 2,006 UK adults in November last year as part of its Family Finance report.

In the current investment climate, it’s perhaps not surprising that people are reviewing their finances to see if they can save money and get better deals

Simon Ranson, head of banking, Sainsbury’s Bank
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It found that 65% of people aged 55 and over with car insurance are looking to shop around in 2016, compared to 58% of those with home insurance. 

Just over a third (38%) are thinking about changing gas or electricity supplier and 34% said they will shop around for a better phone, TV or broadband package. 

Those surveyed expect to save around 10% by switching one or more of these products.

Sainsbury’s Bank also looked at the number of people aged 55 or over who are trying to reduce the amount they pay on their borrowing. 

It found that 355,000 people are contemplating switching a personal loan to secure a better rate of interest, while more than 939,000 (5%) intend to switch or consolidate credit card debt. A further 228,000 are considering re-mortgaging. 

Research by Sainsbury's Bank found that thousands of people aged 55 or over are looking to switch financial products. Image courtesy of Sainsbury's Bank

Simon Ranson, head of banking at Sainsbury’s Bank, said: “People who are retired or approaching retirement are often very reliant on their savings and investments to generate an income. 

“In the current investment climate, it’s perhaps not surprising that people are reviewing their finances to see if they can save money and get better deals.”

Sainsbury’s said the desire among over 55s to find the best deals is being fuelled by a number of financial concerns. 

Its findings reveal that 69% of retired people or those close to retirement have one or more financial worry. 

Just over a fifth (22%) are worried about the rising cost of living and 16% are concerned about not achieving a good return on their savings. 

8% are more worried about their children’s financial future than their own. 

Overall, only 11% of those aged 55 and over feel more confident about their finances in 2016 than they did in 2015, compared to 27% who feel less confident. 59% have the same level of confidence.