MoneyExpert.com reported a 17 per cent drop in the number of people changing during the past 12 months, despite the credit crunch and escalating cost of living.

The website’s Switching Index, which monitors the numbers moving providers each quarter, recorded year-on-year falls for various product categories.

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The biggest fall was in broadband users switching to new deals.

MoneyExpert is blaming the 17 per cent slide on a combination of fewer mortgage transactions, higher interest rates on credit products and tougher lending conditions imposed by financial providers.

Sean Gardner, founder of MoneyExpert.com, said: “The mortgage market has been the focus of concern this year. With fewer deals on offer and stricter criteria, it is no surprise fewer people are moving.

“Other areas are feeling the chill of the credit crunch because people who do not have money to burn are staying put rather than seeking out the best deal.

“Companies have traded on customer lethargy for years but doing nothing should not be an option. There are still good deals out there and, if finances are stretched, savings should be sought, if at all possible.”

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