A new survey by Nationwide Building Society suggests that nearly one in five (18%) households will try to hold off heating their homes until at least December to keep energy bills down.
More than three-quarters of people (78%) said they would layer up and wear warmer clothes rather than put on the heating and over a fifth (22%) said switching their heating on would only happen on rare occasions. More than nine in 10 (91%) people said they are trying to switch on the lights less often too.
Nationwide released the findings as it starts to offer cost of living financial health checks to struggling members, with appointments in branch, over the phone or by video call. Nationwide previously launched a freephone cost of living hotline in August which aims to answer calls within 10 minutes.
The UK Government's energy price guarantee limits the unit cost of energy which will see an average household on the standard tariff pay around £2,500 per year. However, that does not mean this is the highest someone could pay to heat their home.
People could end up paying more if they live in a larger household, use more energy than average or live in a poorly insulated home, for example. Similarly, if you use less energy, your bills should be lower.
In order to save money households have committed themselves to a range of other cost-cutting measures. These include:
- 60% have spent less on non-essentials since April
- 53% are trying to budget better
- 48% will continue cut back on takeaways and eating out
- 40% have reduced spend on fresh meat at the supermarket since April
- 36% have reduced how much they use their car to save money
- 34% will cut back on their food shop
- 33% have changed where they shop for their groceries
- 33% are making do and mending old clothes rather than buy new
- 27% have reduced how much they spend on fresh fruit and vegetables since April
- 27% will cut back on putting money in savings
- 25% will only turn their heating on in specific rooms
Commenting on the findings, Mandy Beech, Nationwide's director of retail services, said: "Now more than ever we would encourage anyone who is struggling financially to speak to their financial services provider."
Nationwide cost of living support
Nationwide Building Society is supporting members struggling with the rising cost of living through a freephone cost of living hotline, 0800 030 40 66, for those experiencing money worries.
The service is supported by dedicated, trained experts based across the Society’s main branches.
It is available from 9am-4.30pm weekdays and 9am-12pm Saturdays.
Since September, all frontline colleagues are now trained to provide additional cost of living help for members, whether in branch or on the telephone, and this month Nationwide’s cost of living experts started to offer face-to-face, telephone and video appointments. Virtual and in-branch events will be held for members from the autumn, providing practical help with managing money and avoiding financial pitfalls.
Anyone in financial hardship should contact their bank or building society for support.
To keep up to date with the latest energy news, join our Money Saving Scotland Facebook group here or subscribe to our newsletter which goes out three times each week - sign up here.
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