Just over half of people in the UK say they understand their energy bills, new research from YouGov shows.
The Utilities Tracker report shows that 56% of bill-paying adults say they know what their gas and electricity bills mean. This is compared to around a quarter (24%) who say they have don’t understand them and one in six (17%) who fall in the middle. YouGov found that 15% of consumers surveyed say they “completely” understand their bills and 6% “don’t understand them at all.”
YouGov’s report finds that the highest levels of understanding are found among the over-55s (20% of who “completely” understand their bills) and men (19% “completely” understand). The report shows that one in six (17%) of those in the ABC1 socio-economic group have this same comprehensive grasp on the ins and outs of their utilities charges.
These levels of understanding has not translated into an equivalent demand for switching. Around three-quarters of bill payers say they are very unlikely, unlikely or neither likely nor unlikely to switch their current energy supplier in the coming 12 months. Just over one in ten (11%) say they are likely and only 6% say they are very likely to switch in the next year. Amongst those likely to switch, saving money is by far the main reason given (56%).
Tom Rees, Associate Director of YouGov Reports, says: ‘Underlining widespread criticism of the supposed complexity of utility bills, many bill payers don’t think they have a decent understanding of them. And despite politicians repeatedly urging people to hunt around for the best deal, less than a quarter think it is likely they will look to change supplier over the next 12 months. It seems that when it comes to consumers and their energy suppliers, inertia still reigns.’
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