In spite of the fact that consumers are almost constantly being bombarded with advice about 'shopping around' and 'comparing deals' on all manner of goods, it appears that a significant majority are still failing to get the best value for money when it comes to financial products.

Worryingly, rather than this being down to lenders and other financial institutions fleecing their customers by hiding unfair charges in the small print of contracts, the principal reason behind this is simply a prevailing sense of apathy among consumers.

According to research conducted by the BBC's Watchdog programme in January, 29 per cent of those questioned had been with their current bank for between ten and 20 years.

Significantly, this was due to the fact that, as 31 per cent admitted, they "did not believe they will get a better service elsewhere".

Given the hundreds of products from numerous institutions now available, it seems highly unlikely that many people are currently signed up to the deal which best suits their personal circumstances and needs.

Indeed, Brits could collectively be losing out on billions of pounds each year as a result of such apathy which, according to some experts is largely the result of the biggest lenders hogging the market and giving consumers the impression that they are their only option.

"You have still got the big four or five banks that have got the lion's share [of customers], and a lot of this is driven through branch network, and they have a captive audience," explained Mike Naylor, personal finance expert at the independent price comparison service uSwitch.com.

"Over time, consumers will wake up to the fact that they have a choice. Abbey and Alliance & Leicester are leading the switching initiative but because there is not a massive push by consumers to switch accounts in the first instance, their market share is still quite low."

The best way for Britons to get the best value for their money, therefore, is simply to take the initiative and shop around for the best deals, paying particular attention to smaller institutions and less-well-publicised products.

Only once the 'big five' see that their market share is being diluted will they themselves take action and improve their terms and conditions in an effort to win back their defecting customers.

For the time being, however, people's laziness when it comes to money matters means that they are being their own worst enemies.