Households across the UK could pay off their energy bills by making one lifestyle change, according to finance experts.
Many of us are trying to save money amid soaring energy bills and the worsening cost of living crisis. In September, former prime minister Liz Truss announced the Government would guarantee the average household will pay no more than £2,500 in energy bills.
However, while this was initially planned to be the case for two years, it has since been drastically scaled back - with the scheme only running until April 2023.
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The "Energy Price Guarantee" - also referred to as the October Price Freeze - came about in response to the continued rise in the price of energy, which was threatening to overwhelm many household budgets this winter. This will mean some households could be left paying more than £2,500 for their annual bills if they use more than the average amount, while others may pay less.
With the £2,500 figure in mind, experts from MoneyTransfers believe they have found a way for many people to cover their bills: by giving up alcohol for a year.
MoneyTransfers' analysis found:
- 57% of adults aged 16 or over report drinking up to 14 units of alcohol a week
- adults drinking 14 units of alcohol a week could save £2,168.40 a year by giving up alcohol
- "some Brits could completely cover their energy bill simply by giving up drinking with an annual energy bill capped at £2,500"
- participating in Sober October could save £180.70 per person
- the 65 or older demographic make up those who drink the most per week and could benefit the most
- 30% of those aged 18 – 24 do not even drink alcoholic beverages
Jonathan Merry, the company's CEO, told the ECHO : "Drinking is seen as an integral part of British culture, consumed by the masses for every occasion between birthdays to funerals. Whilst the health implications of habitual drinking are openly discussed, the financial implications are not so acknowledged.
"Amidst the UK plunging into a recession and the cost of living crisis, it may be time for Brits to take a closer look at their spending habits when it comes to drinking."
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