Brits more aware of the cost of TV than energy - Gas and electricity - News - Moneyfacts

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Brits more aware of the cost of TV than energy

Brits more aware of the cost of TV than energy

Category: Gas and electricity

Updated: 24/11/2015
First Published: 24/11/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Many of us are signed up with TV subscription services these days, and just about all of us have a TV licence, with entertainment clearly being a key part of everyday British life. As a result, most people are pretty clued up when it comes to the cost of such services and when they need to pay for them, but what about your energy bills?

Paying for gas and electricity is even more important to ensure that a comfortable standard of living can be maintained, but research from E.ON has shown that many people aren't actually aware of the cost involved. Instead, far more people know how much their TV subscriptions cost, which paints a worrying picture of the nation's priorities.

The survey found that the vast majority (90%) of respondents know how much it costs to purchase a TV licence, and a further 74% know the price of a monthly Netflix subscription, but conversely, only 37% are aware of the cost of their monthly energy bill. Furthermore, while 64% claimed that they have a good idea of how much their energy bill will vary month-on-month, only 14% know exactly when their bill is due or when their payment will be taken, while 69% of those with a prepayment meter admitted that they've run out of credit when they weren't expecting to.

Looking closer at the figures highlights an even greater lack of awareness about the cost of energy, as when asked to select the correct price of items from a choice of three, respondents were also more likely to know the cost of six free-range eggs (62% knew the correct price) and a first class stamp (58%) than the running costs of a kettle (47%) and other domestic appliances.

Energy bills were also the most likely to have surprised consumers in the past, with 33% of respondents admitting that they failed to anticipate the cost, far more than those who'd been surprised by the cost of the weekly grocery shop (29%), phone bills (27%) and the cost of Christmas presents (24%).

David Bird of E.ON said that "not being able to anticipate how much routine household outgoings will cost can be frustrating and make it really difficult for people to manage their finances", which is why it's so important to get educated. Start paying close attention to your energy bills so you have a better idea of how much they'll cost each month, and if you think you're paying too much, make sure to compare alternative energy tariffs to see if you could make some savings.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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