Could those with banking jobs in London offer switching advice?

More than 40 per cent of consumers in the UK - the equivalent of two in five Britons - have admitted to feeling financially worse off now than they did at this point last year, new research has found.

However, such individuals may wish to approach those with banking jobs in London or elsewhere in the UK for advice on making their money go further, after Gocompare.com research revealed that many are not switching their savings vehicles for a better deal.

According to the figures, just 12.8 per cent of individuals have compared their savings account in the last 12 months, while only 10.1 per cent have taken this action with their bank account.

In addition, 36.5 per cent of respondents have never switched their bank account from their current provider, while 15.5 per cent have never changed savings accent.

John Miles, business development director of Gocompare.com, said: "Make insurers, banks and energy providers work hard for your custom and remember that these days, years of loyalty are often rewarded with higher insurance premiums, lower savings rates and the least competitive energy tariffs."

Elsewhere, the Office for National Statistics recently revealed that Consumer Price Index annual inflation currently stands at 3.1 per cent, down from 3.2 per cent in June.