He added that a study the Office of Fair Trading earlier this year claimed consumers could save between £150 million and £240 million by searching for the best deals more effectively.
"We'd advise using different price comparison sites and multiple search engines and to look at not only the price but at the other elements of the deal," he explained.
"Are there manufacturers' guarantees included? What are the prices for postage and packaging? You need to look at the whole deal rather than just the basic price."
A recent report by the Financial Services Authority urged people get advice on financial issues, after research found that a quarter of financial service firms' websites presented information in a misleading way.
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