One money thing Brits do better than 'carefree' Aussies: 'They have us beat'

Kochie said more Aussies need to take a page out of Old Blighty's book.

The centuries-old rivalry between the UK and Australia could fuel banter until the pub’s gone dry. Australia has better weather, crispier fish and chips, and a superior cricket team.

But now I have to admit there’s at least one thing the Brits do better than us. When it comes to reducing their household bills, they have us beat.

We Aussies love to mock the “whinging poms,” but their low tolerance for price hikes means they stretch their pound much further than we do our dollar.

Ask a British person what they did when they received their insurance renewal and nine times out of 10 they’ll tell you they switched to a cheaper deal.

Ask an Australian, and they’ll probably say, “I forgot to check”.

Our world-famous carefree attitude could be costing us, and as the Brits would say, "that’s pants.”

According to market research, 87 per cent of UK consumers use price comparison websites to find better deals.

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But a survey of 1,000 Australians found 30 per cent had never switched energy retailers and a further 42 per cent hadn’t changed in over 12 months.

Meanwhile, more than half of people (53 per cent) with private health insurance had never changed providers. It boggles the mind when one fund increased its policies by an average 5.82 per cent last year.

So what’s to blame for this cultural divide?

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We Australians like to be seen as brand loyalists. How often do we hear our family members boast, “I’ve been with X Bank for over 20 years”?

It’s why so much marketing tugs at the heartstrings, to suggest big brands have our best interests at heart.

However, the reality is that often, the best deals are reserved for new customers, so rusted-on brand fans end up paying more over time.

Sometimes we stick with the same providers, even if we’re unhappy with the service we’re getting, just because they are a brand we know.

Often little brands don’t have the marketing budgets to compete on a level playing field, but that doesn’t mean they won’t satisfy.

In fact, smaller insurance businesses often share underwriters with the big names.

Maybe it’s time to give the underdog a try.

But isn’t it easier to stick with the same provider? We wrongly assume that comparing bills won’t be worth the time.

But look at it this way - comparing could pay a better rate than your employer.

One Compare the Market customer saved just over $285 by switching to a car insurer this year.

There aren’t many jobs with an hourly rate like that.

We need big business buy-in

But before we see Aussie consumers really embrace the spirit of comparison, the government and industry need to do some heavy lifting.

In the UK, the vast majority of brands willingly offer themselves to be compared.

Here in Australia, outside of energy and health insurance, many big brands choose not to participate.

Maybe it’s time the Federal Government dusted off the Senate inquiry paper into the General Insurance industry from 2017.

That report was titled “Australia’s general insurance industry: sapping consumers of the will to compare”.

Seven years on and we’re facing some of the biggest price hikes in history, with insurance costs up 16.4 per cent in the year to March 2024, according to the Australian Bureau of Statistics consumer price index.

If you don’t see a brand when you compare, maybe you now know why.

Tell them they’re dreaming

I really believe that comparison is the vehicle for better competition in Australia.

Over the years, I have been approached by dozens of brands to act as an ambassador but I couldn’t commit myself to a single offering knowing it may not always present good value to consumers.

That's why I chose to be a part of a team with a mission to champion the behaviour of comparison.

So, the next time you receive an insurance renewal notice, grab your laptop, run a comparison and see how your bill stacks up with other offers.

We can’t force brands to join comparison websites—only you can.

Remember, the worst thing that can happen when you compare is finding out that you’re already on a pretty good offer. The best thing could be saving hundreds.

It’s time to import a bill-savvy mentality from Old Blighty.

No need to reach for the mushy peas and vinegar - there’s only one thing we need to pinch from the poms it’s their passion to compare.