Aside from paying your rent or mortgage, energy bills are set to be the highest outgoing bill for typical families in 2013. Official numbers have shown that an increase in the price of gas and electricity mean that British families are paying more for fuel, energy and housing costs than anything else.
On average, families spend around £68 a week on housing costs, fuel and power according to the Office for National Statistics Report. This is more than the total cost of going out, transport and food shopping. This comes as the report also shows average weekly income figures have reduced from £621 in 2010 to £597 in 2012.
Spending on luxuries has however decreased in recent years, money spent on hotels, unnecessary car journeys and alcohol has gone down by up to £20 a week typically. Households are now more than ever in need of finding better ways to conserve energy around the home. Using common measures such as turning down the heating by a few degrees, installing cavity wall insulation, and placing reflective foil behind radiators are all ways of making the most of the money you spend on energy.
The Increase in Energy Bills
Over the last 10 years sources have advised that energy bills have almost doubled in price, whereas other household statistics have risen less dramatically. Households in London are the worst affected by the energy bill increase while those in the north east, although hit with high energy prices, are still paying significantly less.
Compared to the rate of inflation, spending is still decreasing, meaning that people are trying to curb the amount they spend on unnecessary items such as takeaways and nights out. Although the price of cigarettes, alcohol and petrol are becoming more expensive, so this again encourages people to conserve what they have so as not to spend more on things they could do without.