Almost 8 MILLION people in UK struggling to pay bills, says City watchdog
A recent survey from the Financial Conduct Authority (FCA) found that around 7.8 million Brits were finding it a heavy burden to keep up with their bills as wage growth fails to keep up the pace with soaring inflation now reaching 40-year highs, currently at 10.1%. This comes amidst the recent reversal to the mini-budget outlined by the now prime minister, Liz Truss, meaning that instead of the price of a unit of energy being frozen for two years, the cap will now last just six months.
Now with the critical mass of the nation in a perilous position, there is a need for structured and quick action from Ms Truss’s eventual successor to save millions of people from facing fuel poverty in the coming months – leaving many to make the decision between heating and eating. To that end, SaveMoneyCutCarbon, the nation’s leading sustainability and money-saving platform has highlighted in new national research the appliances in the home that are using the most energy, and how Brits can ration their energy ahead of this winter.
Whilst the matter of lowering energy usage is perpetuated by the state of the UK’s housing landscape, which is reportedly ranked among the worst in Europe for energy efficiency – the issue lies predominantly in the nation’s widespread lack of information about the actions that can actively reduce energy consumption in the home, as demonstrated by the finding that 39% of the public say they are concerned about the rise in energy bills but haven’t changed their behaviour as a result because they don’t know how. Now, with ‘bill shock’ being a norm for many, SaveMoneyCutCarbon is utilising its services to educate and inform the masses on the subtle but necessary behaviours to cut down on bills.
Key stats:
35% of Brits did not know that a fridge-freezer accounts for the largest percentage of a household bill
49% of Brits did not know that swapping their old washing machine for an energy-efficient one could reduce their bill by half the price
79% of Brits did not know that by swapping a regular light bulb for LED, you could make sizeable savings on your electricity bill
64% did not know that by changing shower heads and taps to low-flow eco models, you could reduce your water usage
62% agreed that they did not know that leaving on your appliances accounts for 6% of the average household energy bill
66% agreed that they would implement more green behaviours if they knew it would save them money
42% agreed that recycling was the only eco-conscious behaviour they currently practice
In their latest survey, the sustainability superstore found a widespread lack of awareness of the worst energy drainers in their homes. For example, a shocking 79% of Brits did not know that by swapping a regular light bulb for an LED one, you could make sizeable savings on your electricity bill, and over 1 in 3 (35%) were not aware that their fridge-freezer accounts for the largest percentage of a household bill.
How can people save despite the energy price cap?
In providing sustainable and long-term solutions, SaveMoneyCutCarbon has recently launched its industry-first home app, SaveMoneyCutCarbon Home. The Android and iOS solution provides a personalised view of which products in your home use the most energy, water and single-use plastic, and subsequently suggests swaps for eco-friendly alternatives. Based on the finding that 40% of the UK’s carbon emissions originate from households, the app is the first to identify the worst domestic energy and waste culprits through its “Swap Shop” tool. The service offers infinite sustainable replacements that can reduce your energy bills and other monthly expenses by hundreds. The launch comes amidst the UK’s worst cost-of-living crisis this generation has ever seen, with energy bills now at a record-breaking 40-year high.
