# Australia’s Lost Savings: Is Your Household Missing Out?

- Link: https://stayathomemum.com.au/work-money/finance/australias-lost-savings/
- Published: 2023-03-17T14:04:15+11:00
- Author: Clare Whitfield

_Australia’s Lost Savings: Is Your Household Missing Out?_

[⌊Family reviewing household finances and savings at home⌉⌊Family reviewing household finances and savings at home⌉ ](https://i0.wp.com/stayathomemum.com.au/wp-content/uploads/2023/03/bigstock-Worried-Old-Senior-Couple-Chec-419378179.jpg?quality=89&ssl=1)

It’s fair to say financial pressure is packing quite the punch for many Aussie families
right now. Between higher interest rates, soaring grocery prices, sky-high petrol
costs and increased power bills – managing your household bills and expenses is 
a tough task for so many of us.  But did you know there could be [extra savings to be found](https://isu.iselect.com.au/plunder-down-under/)
if you’re willing to just take a little bit of time out of your no-doubt busy schedule
to look for them? That’s right! Read on as we break down how you could potentially
uncover some extra savings and help ease some of that financial pressure.

## **Australia’s Lost Savings: Is Your Household Missing Out?**

### **1. Why loyalty may not pay**

Recent YouGov research, commissioned by comparison service iSelect, has suggested
that Aussie households nationwide could be missing out on **$18.7 billion in lost
savings each year by remaining loyal to the same household service providers or 
plans, **while the study also suggested that savvy Aussie households who took the
time to switch providers and/or plans during the past 12 months, **could have potentially
saved a combined $3.9 billion** on their household bills and expenses.  This means
that for each Aussie household that switched and saved last year, it’s estimated
that this could equate to **an average of around $1,140****!**

When we talk about household service providers or plans, this could include your
gas and electricity, or a range of insurance products including health, car, home
and contents, pet or life insurance. So, combine the results of this study with 
the current cost-of-living crunch, and now could really be the perfect time to make
sure you’re not losing out on any potential savings. Extra money that could really
[help ease financial strain](https://www.iselect.com.au) by comparing from a range
of household plans/policies and seeing if you could switch and save!

[⌊Person counting australian dollar notes at home during financial review⌉⌊Person counting australian dollar notes at home during financial review⌉ ](https://i0.wp.com/stayathomemum.com.au/wp-content/uploads/2023/03/bigstock-Hands-Of-A-Woman-Holding-Austr-417222319.jpg?quality=89&ssl=1)

### **2. Where you should start**

It’s a great idea to consider [starting your review off with a health check](https://www.iselect.com.au/health-insurance).
If it’s a been a few years since you took a good hard look at your health insurance
policy, there’s a chance it no longer aligns with your needs. For example, your 
family may be well and truly complete, but you could still be paying for IVF and
pregnancy. The research also found Aussie households surveyed that switched their
health Insurance plan and/or provider within the past 12 months **found an average
saving of $520** **annually****.**

If you are reviewing your health insurance cover, now is also a good opportunity
to get yourself up to speed on changes to premiums in 2023.  Some health funds will
be increasing their premium rates from April 1, while some others have deferred 
their annual price rises later in the year.

### **3. Need some help?**

Between grocery shopping, running the kids all around town and trying to maintain
somewhat of a social life – no doubt you’re a busy woman and the thought of sitting
down and reviewing your household bills and expenses can seem daunting! But you’re
not alone in this.

[Whether it’s your energy plan](https://www.iselect.com.au/energy/), health insurance
policy, or your car insurance, a comparison service such as iSelect* can assist 
you by comparing from a range of insurers and policies, saving you time and effort–
and with our study suggesting there could be some substantial savings to be found,
why not get cracking today.  

[⌊Australias lost savings⌉⌊Australias lost savings⌉[

> *iSelect does not compare all products in the market. The availability of products
> iSelect compare may change from?_time to time. Not all products made available
> from iSelect’s providers are compared by iSelect and due to commercial_?_arrangements,
> area or availability, not all products compared by iSelect will be available to
> all customers. Some_?_products and special offers may only be available from iSelect’s
> call centre or website. Click here to view iSelect’s range of_?_Providers._? 
>  **iSelect disclaimer**?? 

![author avatar](https://i0.wp.com/stayathomemum.com.au/wp-content/uploads/2025/
12/clare_whitfield_profile.webp?quality=80&ssl=1)

 Clare Whitfield Chief Editor

 Clare Whitfield is the Editor of Stay at Home Mum and a recognised voice in practical
home management for Australian families. Based in the northern suburbs of Sydney,
she balances editorial leadership with life as a stay at home mum to two school 
age children. Her background in home economics and more than a decade of experience
in recipe development, family budgeting, and household systems inform her work.

 [See Full Bio](https://stayathomemum.com.au/author/clare_whitfield/) [  ](https://stayathomemum.com.au/author/clare_whitfield/)