Comparison site Canstar has released research that shows Australians can save almost $13,000 a year, despite the rising cost of living, by switching to cheaper deals on household costs - from insurance to groceries.
Canstar’s annual Consumer Pulse Report revealed 59 per cent of Australians said their biggest financial worries all centered on the cost of living, with groceries, rent, electricity and gas, interest rates or fuel as their number one concern for 2023.
However, the report also identified how much people could save by switching to a better deal or rate on a range of typical household costs, despite the rising cost of living.
Also read: 4 million Aussies say they have no savings
Canstar has launched a Cost of Living Comparison tool, which provides a quarterly snapshot showing the potential savings that can be made by switching services, with the potential for Aussies to save up to $12,671 a year.
The comparison site found that switching from the average variable home loan rate of 5.45 per cent to a low rate of 4.19 per cent could amount to annual savings of $5,220 for a loan amount of $571,580 over 30 years.
Switching the average personal credit card debt of $3,785 from the average personal credit card interest rate of 17.03 per cent to a lower rate of 7.49 per cent would save around $361.
Insurance was also identified as a key area to make savings. Canstar, for example, found switching home-and-contents-insurance policies could save up to $797 per year. Costs for health insurance can also be reduced, by reviewing and comparing policies rather than automatically renewing the current policy on offer.
Canstar also found that, while energy costs were a major concern for Australians everywhere, comparing and switching deals regularly still could save money despite rising costs.
And for groceries, despite the rising prices of food and household items, the research found there were still opportunities to save on the weekly shop by making a few simple changes. A family of four who switched half of their weekly grocery shop from brand-name groceries to supermarket-branded groceries could cut the annual grocery spend by up to $1,500.