Consumers are missing out on savings of thousands of euro by not comparing offers from different banks.
An ESRI behavioural study found that when choosing their bank account 73% of consumers didn't shop around.
68% didn't shop around for a loan, while 74% failed to look for more options for a credit card.
Even when getting a mortgage, 46% said they didn't compare banks despite differences in interest payments potentially adding up to tens of thousands of euro over the term of a mortgage.
Head of the ESRI's Behavioural Research Unit, Professor Pete Lunn says one of the reasons people don't shop around is a fear of making a mistake.
"Part of the reason for this is they feel uncertain about comparing offers.
"They're not really sure how to go about it, or there are uncertainties in the process or they worry about making a mistake.
"People tend to take credit cards, loans, and mortgages out with their own bank, or perhaps one that's recommended by friends and family.
"But by not shopping around, not using the price comparison sites that are available, they're potentially costing themselves".
