With consumers across the country facing debt management problems, figures from uSwitch.com have shown that only one in eight Britons have secured the cheapest utilities deal they are entitled to.
In fact, more than 12.5 million UK consumers are “paying over the odds” for the energy supplies and providers are benefiting to the tune of around £1.5 billion each year as a result, according to the recent study.
Geoff Slaughter, energy expert at uSwitch.com, said: “By deliberately offering their cheapest prices on those tariffs with low take-up [suppliers] can look competitive, attract new customers but keep their existing customers merrily paying over the odds.
“While it seems unfair, they will only get away with it if consumers continue to allow them to do so.”
Figures from the Post Office recently showed that millions of British consumers in credit card debt are not taking advantage of the financial benefits that are available to them.