According to the latest research from price comparison website uSwitch, the average UK household spends £713,232 on essential costs such as household bills and transport.
While transport is the most expensive culprit at £164, 736 over a lifetime, energy costs alone top £60,000 — twice the cost of the average deposit when buying a home.
As these figures are based on the average cost of energy for the average home, savvy consumers can quickly save £228 per year — or a whopping £10,260 over their lifespan — simply by switching to the cheapest energy plan on the market.
Despite these savings equating to a year at university (including tuition, books and fees), nearly two-thirds of households have never switched their energy supplier.
‘Massive pressure’ on households
Tom Lyon, energy expert at uSwitch.com, says: “These striking figures clearly show the massive pressures on household budgets to keep up with the cost of living. We are now spending double the amount of the average house deposit on our energy bills during a lifetime, yet consumers could easily save £10,000 by switching to a better deal.
“The New Year is a great opportunity to start afresh and make some resolutions to start saving precious pounds. The introduction of faster energy switching means that changing energy supplier is quicker and easier than ever before, so now is the ideal time to make sure you’re on the best deal.”
Energy switching time to be cut in half