The price of energy bills has dominated the news agenda for months. While Government has announced support and a two-year freeze on energy bills, the British public is still worried about finances.
Worcester Bosch has released new research that uncovers alarming truths about how UK homeowners are planning to cope with the rising cost of energy, even with the available support packages.
As we enter the colder winter months, 54% of homeowners are worried specifically about their heating, how they plan to feed their family and if they will be able to afford necessities.
To save some extra cash, homeowners have admitted that over the last couple of months they have cut back on socialising (71%), shopping (66%), and planning holidays (58%), and while these measures may be helpful in the short term, 75% of Brits still believe that they may not be able to afford their household bills in 2023.
Comparing the energy crisis to other issues, the public are 10 times more concerned (62%) about gas prices rising than about the pandemic (7%), the war in Ukraine (7%), and the ongoing recession (4%).
Martyn Bridges, Director of Technical Services at Worcester Bosch, comments, ‘‘There is no doubt that this winter will be difficult for us all and although the two-year freeze on bills will be helpful, the imminent increase in October is still very concerning.
“At Worcester Bosch we are doing everything we can to avoid homeowners paying excess amounts for their heating and hot water and sharing simple changes to help save on energy use. While turning down your room thermostat by one degree, draught proofing doors and windows, and ensuring your boiler gets regularly serviced, may not feel like a lot, it can add up in the long run.”
Worcester Bosch partnered with financial expert and founder of This Girl Talks Money, Ellie Auston-Williams, on this research into the British public’s financial concerns and how they are changing their spending habits.
Auston-Williams added; “It’s a hugely worrying time for millions of households and although measures have been put in place around the energy cap, the fact that over 50% of homeowners are worried specifically about the heating shows the scale of the financial anxiety across the country which, if not addressed, could take a huge toll on the stress levels of millions of people.
“Whilst a cap on energy prices has been announced, we will still pay for the energy we use and the less energy used, the lower the bills will be. That’s why it’s still so important to take any steps you can to reduce your usage and keep costs low. In stressful financial times, small actions – such as switching devices off standby, turning down the temperature on your clothes washing and taking shorter showers – can all add up.
“Finally, for anyone struggling to know where to turn during the cost-of-living crisis, please seek support from your bank, utility companies or a debt charity, and remember that help is available at this challenging time.”
