£1bn ‘burned’ on energy bills

Consumers could be wasting as much as £1 billion every year because they are not on the most suitable energy tariff, a consumer finance website has said.

According to the Motley Fool’s poll, 46 per cent of households have never switched providers, despite five per cent potentially saving £300 if they did so.

Commenting on this poor debt management, David Kuo, head of personal finance at the Motley Fool, said: “There are savings to be made if you have never switched energy providers. Typically, someone who has never switched may save around £100.

“Failure to switch is tantamount to sitting in front of the fire wearing a woolly hat and jumper, and moaning about soaring energy prices while chucking £10 notes into the flames.”

He added that Britain’s energy market is one of the most competitive in the world, but consumers need to take advantage of this.

Switching to an online tariff or dual-fuel one could be a good form of debt management, the Motley Fool claims, especially with the series of price hikes that this year has witnessed.

Any consumers looking for advice on how to pay their utility bills should click here .