More than 70% of UK Households are struggling to pay energy bills
The recent price increases have added a whopping £155.75 per year onto the average household energy bill, with gas prices shooting up by 17.4% and electricity bills up by 10.8%.
Two-fifths of consumers say they will use their savings, 17% will dip into overdrafts and 12% will use credit cards to meet higher costs.
But despite the hikes, the majority of UK households are not shopping around when choosing their providers and 57% have never switched.
Scott Byrom, spokesperson for MoneySupermarket.com, says: “Those who aren?t shopping around for the best deal are simply burning money.”
Although the Big Six providers have all announced hikes, Byrom says there are still price differences between providers and by switching customers could save around £313 a year.