New research from Yolt, has revealed that over one in six (16%) UK adults never review some of their key household expenses.
The research indicates that the 8.6 million in the UK who are ‘bill blind’ could be missing out on the most competitive deals available. This follows Ofgem’s recent announcement that the energy price cap is set to rise 12% this October – the biggest increase to date. On top of this, Yolt’s internal user data indicates that spending on household utilities, such as gas, electric, broadband, and water, has increased by 7% year-on-year from April 2020 to April 2021.
Aside from not looking to see how they can save money by switching, consumers often also lose money by not shopping smart, with one in four UK adults (27%) never comparing prices at different supermarkets, a third admitting having forgotten to return something they didn’t want (31%) and 24% going beyond their arranged overdraft limit at least once a year.
The findings also point to the worrying issue of potentially more serious financial trouble, such as ignoring bank statements altogether (22%) and a significant number of consumers (15%) confessing to never paying more than their minimum re-payment on credit cards.
Pauline van Brakel, Chief Product Officer at Yolt, said “Many consumers have had a challenging period financially as a result of the pandemic, with a significant number of one in 10 UK adults (12%) seeing their monthly expenses exceed their income over the last year leading to an average overspend by £277 a month, according to our research. It is a good time to take stock of your regular outgoings, checking in on where you could be saving by taking advantage of the best deals available and cutting down on unnecessary spending.”
“Our own user data shows utility bills are rising, adding additional strain to household finances. Therefore, it’s more important than ever to ensure you’re on a tariff that gives you the best value. Switching providers using price comparison websites via Yolt partner MoneySuperMarket could save you hundreds of pounds – and help turn those not-so-good habits into good ones.”
Percentage of UK adults that never check they’re on the best deal/rate
Bank account 38%
Credit card 27%