Retiree reveals the simple way he saved £175 as ‘common misconception’ is exposed

Retiree reveals the simple way he saved £175 as ‘common misconception’ is exposed

Despite the potential to save money, research suggests switching isn’t commonplace among some billpayers.

The over 50s switch energy suppliers less frequently than other age groups and are more likely to stick with their current energy supplier because they think they are paying a competitive price already and don’t expect to save much more money, according to Rest Less.

The research, based on a YouGov poll amongst a nationally representative sample of 2,000 respondents, found one in four (26 percent) said they had only switched energy supplier once or twice ever in their current home, compared with 21 percent of under 50s.

Furthermore, the survey – which questioned 1,174 homeowners of which 719 were in the over 50s category – found that just 17 percent of over 50s switched their energy supplier every year.

The study, commissioned to mark the launch of Rest Less’s Switch and Save energy comparison tool, also asked homeowners for the reasons why they didn’t switch more often.

One in three (34 percent) said they thought they were paying a competitive price already and didn’t expect they could save much more money, and nearly one in two (44 percent) said it was because they were happy with the service provided by their current supplier.

Stuart Lewis, Founder of Rest Less, commented: “There is a common misconception amongst all age groups that you should stick with an energy supplier for at least a year but this is not true.

Published at Sun, 06 Sep 2020 03:01:00 +0000