iD Mobile by Currys research finds we waste £156 a year on phone contracts

The research by the mobile virtual network operator and Atomik Research also found that a third of us could be wasting money by not changing anything at the end of our contract despite the rising cost of living. 

20% of Brits believe it would be cheaper to stay with their current provider than look elsewhere, while 18% think it would be too much hassle to make the change.

Network providers are legally required to tell their customers when their mobile phone contract is up and yet a fifth (18%) have no idea when theirs ends.

A woman holding her phone. Credit: Canva

Most mobile contracts include the cost of your mobile phone handset as well as your usage including minutes, texts and data.

Naturally, these contracts can vary between networks - sometimes as much as £30 a month - despite it being for the same handset and usage package.

You will also find that the price doesn’t always automatically decrease once you have effectively paid off the phone handset which means you could be shelling out more for your phone than you need to.

The rising cost of living could be slowly changing our spending habits though.

How to save on your mobile phone contract

Although, 95% of people are generally satisfied with their current phone plan, over half of respondents (53%) said that they felt like they were paying too much for their mobile package.

One of the obstacles stopping shoppers from reducing the costs created by their phone contracts is their resistance to switching to lesser-known networks. 

iD Mobile by Currys' research recorded that two fifths (39%) of UK adults wouldn’t consider switching to a lesser-known mobile network with around half saying that this was because the network coverage may not be as good.

We should know though that these lesser-known networks are all powered by one of the UK’s four major networks which means that you will get the same level of coverage.

Sue Hayward, Personal Finance Expert, says: "Every penny counts in the current cash strapped climate and it’s shocking that one in three of us seem happy to waste a whopping £156 a year, on average, on our mobile bills, and in some instances over £360 a year, according to iD Mobile’s research.

A woman sitting on her laptop looking at her phone. Credit: Canva

"Despite one in two of us thinking we overpay for our plans, we seem reluctant to shop around and switch when comes to our mobile provider, which is curious considering how open we are to switch providers on other household bills to save money.

"Nearly half of us don’t think our mobile network rewards our loyalty – so it may be time for consumers to put loyalty aside, and switch providers to save some cash.

"Taking a few minutes to check your mobile contract, haggling for a better deal or switching to a provider like iD Mobile, can pay dividends and put pounds back in your pocket”.

By making the switch to a lesser-known network provider just like iD Mobile, you can save yourself some money without compromising on your handset or usage.

On average, you'll save £13 per month on like-for-like deals compared to the major networks.

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You'll also be able to take advantage of Data Rollover, Roaming in 50 destinations, and the UK’s fastest 5G, powered by Three5, as standard on all iD Mobile plans.

Lewis Henry, Head of Customer and Marketing at iD Mobile, added: “We know that it’s set to be a tricky time ahead financially for so many, with bills set to increase and the cost of living on the up. With some of the most competitively priced plans and fantastic extras such as the UK’s fastest 5G, powered by Three, Data Rollover, and Roaming – we at iD Mobile are committed to providing the best value for our customers.

“Switching to iD Mobile is as simple as sending a text, and with an average saving of £13 per month and £156 over a course of a year vs the major networks, it’s easy to see why so many customers are switching and falling in love with our network.”