Two out of three people will switch their financial products for a better deal, a new survey has revealed.

The "Switching Up" survey endeavours to identify consumers unable to afford payments and the cost of their existing payments in a bid to changeover to a more affordable "switch".

Findings suggest providers ought to be more vigilant when it comes to meeting the needs of their customers and what they can afford to pay back.

Financial products most likely to be affected by this are car and home insurers as well as utility suppliers.

The car insurance market which is notoriously competitive will see buyers shopping around for the cheapest policy.

Home insurance is second best to change its product with 53% of consumers planning to swap.

The target audience likely to switch to this service are young people in the age range of 25-44 who are likely to make a swap in the next 12 months.

Account switching for current accounts is expected to be put in place by a change in restrictions effective from September.

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