Higher energy prices already hitting the over 50s

08 August 2008 / by Rachael Stiles
More than a third of those aged 50 and older are concerned about the pressure that the huge increases in energy bills will put on their finances this winter.

According to research from Saga, the over 50s are worried about the sacrifices they will have to make in other areas in order to be able to afford to heat their homes throughout the winter months.

Saga found that 86 per cent of the over 50s are already preparing for paying their winter fuel bills by changing their lifestyles and cutting back on spending.

The most common money saving change they are implementing is to use less energy now so that can better afford it when they really need it. Others are taking actions to improve the efficiency of the energy they use in their homes, and some are dipping into their savings accounts to make ends meet.

More than half of the over 50s surveyed said that the blame for unaffordable energy belongs at the doorstep of the government, due to the increase in fuel duty and VAT being added to domestic fuel. Meanwhile, 37 per cent specifically blame the current Labour government.

Other responsible parties for the rise in gas and electricity costs are UK energy companies, which are blamed by 44 per cent of over 50s, and excessive global consumption, which is the main culprit for 40 per cent of respondents.

Throughout August, Saga Insurance is offering the chance for one household a week to win free energy for a year, by getting an online quote for Saga home insurance.

© Fair Investment Company Ltd