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Why Aussies are leaving their telcos in droves

Jessica Yun
<em>Photos: Getty</em>
Photos: Getty

Aussies are wising up about their finances, which means phone providers, health insurers and energy providers will need to step up their game.

A new survey of more than 2,000 people by Finder.com.au has found over half the national population, or approximately 10.8 million Australians, are fed up with paying high fees for financial products, and plan to switch at least one in 2019.

Telcos are first in the firing line, with 18 per cent of the population saying they’re most likely to change phone providers first.

Insurers are next up, with Aussies looking to find better deals on their health insurance, car insurance, energy plan and broadband internet.

Source: Finder.com.au
Source: Finder.com.au

Why the itchy feet?

Finder.com.au editor-in-chief Angus Kidman said Aussies were looking to save money after the silly season.

“Cost-cutting is the main reason householders will jump ship, and it can result in huge savings,” he said.

“For a family under pressure, every dollar counts.”

Tips on how to save money by switching your:

  • Mobile provider: Keep in mind that there are more than just Optus, Telstra and Vodafone, even though they’re the major network owners. But there are more than 30 other providers piggybacking on those networks that can offer better deals on prepaid and postpaid plans.

  • Health insurance: Check the waiting periods. You may need to serve new waiting periods if you switch providers and increase your cover.

  • Car insurance: Strike at the right time. When switching insurers, timing matters. The best time is when your current policy is up for renewal, which will see you get the most value out of your old policy without incurring cancellation fees.

  • Superannuation: Consolidate your accounts. If you’re switching supers, make sure you roll all your accounts into one fund as you may be paying fees on multiple accounts.

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