Energy and fuel prices are constantly on the rise and continue to be a growing concern for consumers. This was established by a monthly survey conducted by Which? Consumer Insight Tracker of more than 2,000 people. A staggering 79% of people were worried about the constant rise in these prices coming before the concern of food prices at 73% with 55% worried about the effect this will have on their savings.
The survey also pointed out a change in spending habits amongst consumers. This year in 3.5 million households money has gone towards food and household bills unlike last year when savings was spent on holidays, which has dropped to fourth place.
Part of the Which? survey outlined a disregard to the energy sector, with energy providers being ranked lower than banks, 23% to 32% retrospectively. In a different survey by Which? that challenged MPs, they found that 44% of them did not trust energy suppliers to act in the interest of their customers.
Which? Executive Director Richard Lloyd said: “The cost of living is clearly top of the agenda for consumers. While people have started to become more optimistic, times remain tough with the price of essentials spiralling up and incomes stagnating. Expensive credit, not saving, is the fall-back for many.”
Which? also found how 31% of people are finding it difficult to live on their current income with 33% often running out of money at the end of each month. Six in ten people find the economy poor and believe this is making a massive imposition to their own financial situation. People should therefore save money on gas and electricity by being energy efficient at home.
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