- Loyal Brits are throwing away £3.5 billion by not switching energy deal – enough for nearly 10 million family breaks to Spain or 29 million family visits to a theme park
- Some 12 million households – 60% of energy customers – miss out on average savings of £290 by not switching away from expensive Standard Variable Tariffs
- Almost a third (29%) of Britain’s stretched bill payers say extra cash would give them the chance to go on holiday and one in ten (8%) would use the money to treat loved ones
- TV star and switching ambassador Rachel Riley teams up with uSwitch.com on national campaign to get more than 50% of the UK off expensive, rip-off tariffs by the end of 2020 – giving Brits more money to spend on enjoying life.
12 million households in Britain are leaving £3.5 billion in the pockets of energy suppliers because they’re stuck on costly energy tariffs – but they would rather spend it on holidays and other treats, according to new research from price comparison service uSwitch.com.
An incredible 60% of energy customers are still on a Standard Variable Tariff, even though they are usually the most expensive deal that energy suppliers offer. But in spite of average savings of £290 to be made by switching, households that stay put are giving their hard-earned cash to energy companies rather than spending it on the things they care about most.
If people had an extra £290 in their pocket, 29% say they would book a holiday while almost a quarter (24%) would save up for something special. Meanwhile, a very generous 8% of the population would use it to treat family and friends. In fact, if every household on a Standard Variable Tariff switched to a cheaper deal, they could collectively enjoy 29 million meals out, 81 million family trips to the cinema or 1.2 million holidays to Disney World Florida. Alternatively, it could pay for 16 million monthly grocery shops – enough to feed a family of four for 1.37 million years, or, more realistically, could support 20,000 families until the year 2086.
In a bid to mark 2018 as the year Britain starts spending more time and money enjoying life, TV star and switching ambassador Rachel Riley has teamed up with uSwitch.com on uSwitch, uWin, a national campaign to get more than 50% of UK households off expensive Standard Variable Tariffs by the end of 2020. The campaign aims to get the nation switching energy deal so they can have more money to spend on themselves and their families – and make expensive Standard Variable Tariffs the exception, not the rule.
The action kicks off this weekend when Rachel Riley and the uSwitch.com energy experts will be visiting Winkleigh in Devon, a village with one of the lowest switching rates in the country. Just 6.5% of households there have switched over the last three years according to uSwitch data.
With over 90% of the village likely to be on expensive energy deals, Winkleigh could collectively be giving away over £600,000 to energy companies. Rachel and the team will be holding an energy switching clinic there on Saturday 27th January to help them put more of their money back in their own pockets.
According to uSwitch data, more than a third (37%) of bill payers find it a stretch to pay their monthly bills and don’t have cash left over to do the things they enjoy. Over a quarter (27%) say they feel financially worse off now than 12 months ago, with this number rising to a third (33%) of 43-54 year olds. Yet only 12% of people say they’ve considered switching energy tariff to help make their money go further.
Standard Variable Tariffs are usually the most expensive deal which energy companies offer. Customers who have never switched, or haven’t done so in the last 12 to 18 months, are very likely to be among the 60% of households on one of these poor-value tariffs.
The vast majority of customers on these expensive default tariffs are with the big six energy suppliers: British Gas has the largest number of customers on its Standard Variable Tariff (4.5m) followed by SSE (2.4m) and then E.ON (2m) . But the gap between the average big six SVT (£1,131) and the cheapest deal currently on the market (£807) is a whopping £324 – meaning there are plenty of cheap tariffs offering significant savings for families to take advantage of.
TV presenter and switching ambassador, Rachel Riley says: “To think that we could all be nearly as £3.5 billion better off, simply by switching away from expensive energy deals, is staggering. That’s why I’m teaming up with uSwitch to help people easily switch, save and win.
“Whether you’d like more money to spend on holidays, put into savings, or to treat your family and friends, you can save an average of £290 per year quickly and painlessly, simply by switching to a better tariff. And you’d be sending a powerful message to energy companies that Britain won’t stand for rip-off energy prices anymore.”
Shona Eyre, uSwitch.com energy expert, says: “12 million households are paying more than they need to for their gas and electricity, and nearly half the population don’t even realise they’re on the worst kind of energy deal. This is especially concerning when so many people say household bills mean they don’t have any money left over each month.
“With uSwitch uWin we’ll be helping people to take a stand against expensive deals and poor service. It’s time to make Standard Variable Tariffs a thing of the past and let Britain spend its hard-earned money on the things it really cares about.”
For more details of the event visit http://bit.ly/WinkleighWins