Brits won’t do anything when their mobile phone contract ends
Despite the cost-of-living crisis deepening and concerning 90% of UK adults, many are still missing out on saving over £156 a year on average by not switching their mobile network provider. According to new research by iD Mobile, the mobile virtual network operator (MVNO) from Currys, a third of Brits could be wasting money by not doing anything when their mobile phone contract ends.
Most mobile contracts are priced to cover the cost of the handset (mobile phone) and inclusive usage (minutes, texts and data). However, the cost of these contracts on a like-for-like basis (same phone and usage inclusions) can differ immensely across networks – sometimes as much as £30 per month. Additionally, the price you pay doesn’t always automatically decrease once you have finished the minimum term and have effectively paid off the phone element of the contract – meaning you’re paying more for the phone than you need to.
Despite it being a legal requirement for network providers to inform their customers when their contract is up, a fifth (18%) still have no idea when it ends. And even if they do, 28% plan to keep everything exactly as is (same phone on the same plan) without assessing their options – with a fifth of Brits (20%) under the impression it would be cheaper than switching to a new provider.
Ros spoke to personal finance expert Sue Hayward.
Photo by William Hook on Unsplash
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