UK energy customers are struggling to meet the cost of steep price hikes with 71% turning to savings, credit cards and overdrafts to pay for their energy bills.
The recent price increases have added a whopping £155.75 per year onto the average household energy bill, with gas prices shooting up by 17.4% and electricity bills up by 10.8%.
These rising costs mean 71% of customers are now finding it difficult to pay their bills, according to Moneysupermarket.
Get help paying your energy bills
Two-fifths of consumers say they will use their savings, 17% will dip into overdrafts and 12% will use credit cards to meet higher costs.
But despite the hikes, the majority of UK households are not shopping around when choosing their providers and 57% have never switched.
Compare energy prices and switch provider
Scott Byrom, spokesperson for MoneySupermarket.com, says: "Those who aren’t shopping around for the best deal are simply burning money."
Although the Big Six providers have all announced hikes, Byrom says there are still price differences between providers and by switching customers could save around £313 a year.
He adds: "UK households are being pushed to the limit at the moment, so it’s no surprise to see so many turning to their savings to make ends meet. However, consumers should try to avoid dipping into savings pots to pay for energy bills and instead examine their whole finances to establish where they can reduce their monthly outgoings."
10 ways to cut your household bills
The results of this research were conducted through a web poll of 6,384 people from 16–25 September.
Are you worried about the hikes in energy prices? Share your thoughts with us.