Six In Ten Say They Will Need To Cut Spending To Fund Coming Energy Bills
Image by Steve Buissinne from Pixabay
With some experts predicting that the coming hike to the energy price cap in the autumn could see bills rise as much as 46%, six in ten (62%) Britons say that they will need to make cuts to their spending to afford coming energy bills, with a further 15% saying that they won’t be able to afford bills regardless of any cuts they make, according to new research by YouGov.
The proportion who say they will need to make cuts includes 30% who say they will need to cut large parts of their budget to maintain their energy use under the new prices. Just 14% of Britons expect to be able to take on the higher costs of their current energy use without cutting other spending.
Among the lowest income households (£19,999 a year or less), three in ten (30%) say they will be unable to afford their current energy use under higher prices, while over half (55%) say they will only be able to do so with cuts to other spending. Only 8% of people from these households say they will be able to afford their present energy use in the future without making cuts.
Among the households with the highest incomes (£60,000+), only three in ten (29%) say they will be able to continue using the same level of energy without spending less in other areas.
Eight in ten (78%) Britons say they are worried about the current price of their household's energy bills, including a third (37%) who are “very” worried about the cost. Only 18% of people claim not to be particularly concerned.
The concern is similar across varying levels of household income. Of those with the lowest household incomes (£19,999 a year or less), 83% say they are concerned about how much they spend on energy. A similar proportion (75%) of those with the highest household incomes (£60,000+) also say they are worried.