Over 55s and under 25s to be hit hardest by upcoming energy price rises
With across-the-board energy price rises seemingly on the way, new research has shown that the biggest financial burden will be placed on consumers at the upper and lower ends of the age spectrum..
With both E.On and Bulb announcing price changes in the last week and rumours persisting of imminent rises from other energy suppliers, the survey by MoneySuperMarket today has revealed the significant financial burden that will be placed on households across the UK, with those aged over 55 and those under 25 set to be the hardest hit.
The price comparison website asked 2,000 bill payers across the UK how they would cope with a rise of more than 10 per cent on their energy bills.
61.8 per cent of over 55s said they’d need to make sacrifices, with 30.8 per cent dipping into their savings and 5.8 per cent reaching for a credit card.
The outlook is even worse for those under 25, with only 23.5 per cent saying they would be able to pay an increased bill with ease.
15.7 per cent would have to turn to a family member or friend for help, while 19.6 per cent would rely on their credit card and pay it back at a later date.
When asked if they would consider switching supplier if prices increased by 10 per cent or more, 68.7 per cent said they would shop around.
Surprisingly, the research also reveals that over half of Brits (55.7 per cent) are currently happy with how much their supplier charges them for their gas and electricity.
However, when price rises do occur, the majority (59.4 per cent) blame their supplier, while a further 35.2 per cent blame the government and 33.7 per cent believe wholesale prices are the reason for increased costs.
Stephen Murray, energy expert at MoneySuperMarket, commented: “The rumours about possible price rises from energy suppliers won’t go away and this has only intensified following last week’s announcements from Bulb and E.On.
“As we’ve seen before, when one makes a move, the others usually follow suit, so we could see announcements from other suppliers in the coming weeks.
“No matter what external factors suppliers might try to blame, the fact is there are serious financial implications for energy customers of all ages, who will have to make sacrifices or even borrow money in order to heat their homes.
“Those on a standard variable tariff continue to pay over the odds for their gas and electricity and regardless of who your supplier is, the message remains clear - you don’t have to suffer in silence and just accept what’s happening.
“Switching your supplier takes just minutes on a price comparison website and you can save £250 or more on your annual bill.”