We live in the grip of the digital age where connectivity is everything. Fear of being offline (FOBO) has become so strong, in fact, that many of us refuse to switch internet providers.
On average, this means we are overpaying for our broadband by hundreds of pounds each year. Nationwide, this results in a whopping annual overspend of £723 million.
The habit of overspending
84% of UK homes haven’t switched broadband suppliers. Many of these are ‘out-of-contract’, which means they are free to leave without fear of an exit charge if they wish. The discrepancy between the highest out-of-contract rates and the best new deals on the market is around £300 a year.
This proves that many of us could stand to make big savings. And yet, only 2.8 million homes switch broadband deals each year. When compared to the 5.5 million that switch energy deals, this identifies a real problem.
Why aren’t people switching?
First Utility Broadband were responsible for compiling these enlightening figures. They
described the ‘customer apathy’ that big-name providers have been relying on to squeeze as much money as possible out of consumers. Thus, in a bid to increase awareness of the
problem, they have put together a myth buster. Highlighting the most common misconceptions about switching, it makes the process less daunting.
These myths range from thinking you’ll have to pay to leave your old provider, to worrying that the process is lengthy and complicated. Chief amongst them, however, is the dreaded FOBO. 28% of all non-switchers named fear of having no internet for days or weeks as their
biggest concern. The reality? You likely won’t be without internet for anything more than an hour.
How do you switch?
Worrying about upheaval or confusing paperwork is likely another factor in many people’s decision not to switch. The beauty is that there is actually very little required of you. In the vast majority of cases, you can inform a new provider that you want to join them and they’ll take care of the rest. No fuss. No fee.
Most suppliers use the same infrastructure, so you likely won’t even need a home visit from an engineer. 14 days later, they will flip the metaphorical switch and you’ll be up-and-running with your new, cheaper broadband. It’s as simple as that.