British consumers waste £147 billion by not taking the time to search for more competitive financial deals for their portfolio, new reports suggest.

Comparison site moneysupermarket.com claims checking out different deals for things such as credit cards, personal loans, mortgages and savings could save each of us on average £3,000 each year.

Research shows a family with a typical financial portfolio - mortgages, credit card, personal loan, current account, savings, home insurance, motor insurance and utilities – could save £3,161.03 by reviewing their existing finances.

For example, switching from a Cheltenham & Gloucester mortgage of £1,016.18 per month at 6.5 per cent to one from Britannia at 4.34 per cent could save consumers £1,652.95 over a year.

Personal loan lenders are fighting to offer low rates with over nine loans on the market offering less then six per cent APR – and credit card companies are still offering low rates on balance transfers.

The same is true for current accounts, savings, motor and home insurance and utilities where there are competitive deals to be found if consumers take the time to compare.

Richard Mason, a director at moneysupermarket.com, said: "The internet offers an opportunity for consumers to utilise quick and effective search tools and find some of the best deals in the market.