It is always good to be loyal to your friends and family, but when it comes to your finances, loyalty doesn’t always pay.

The Citizens Advice Bureau has found UK consumers lose a total of £4.1bn per year or £877 per person on average through inertia by not transferring from their energy, savings, mobile, mortgage or broadband provider.

It found that savers lose £48 a year by sitting in legacy best buy cash ISAs that are no longer competitive, while mortgage borrowers lose £439 a year by sitting on a lender’s standard variable rate rather than fixing for two years.

Polling by the Citizens Advice Bureau found many consumers will be losing out on more than one product at the same time, so you could be wasting money on both your savings and your mortgage as well as your energy bills and internet package.

A super complaint has been filed to the Competition Commission to ensure consumers are treated fairly, but you don’t have to wait around for that.

A financial adviser can help ensure your money is in the most suitable place and is earning competitive rates and can find the most suitable mortgage deal for you.