![]() Mark Bailie, chief executive of Comparethemarket, said: “Millions of households will be concerned about a potential bill shock in April. However, for one in five, they’ve been forced to borrow money from parents in the past month to cover regular bills. Here, the most popular way to save include reviewing outgoings to see where cutbacks can be made (38%), searching for better deals online and switching providers (35%), and cancelling subscriptions (30%). Just 31% have taken action to save money. While the bill hikes have been foreseen, six in 10 households who are worried about rising costs haven’t taken any steps to bolster their finances. By switching insurance cover, households could save up to £533 a year, while broadband customers could save an average of £188. For 28%, they’re also expecting higher home insurance bills.Īccording to the price comparison site, car and home insurance have increased by a combined average of £93 year on year. It comes as the Government’s Energy Price Guarantee – which caps average bills at £2,500 a year – will rise to £3,000, meaning eight in 10 expect to pay more in the next six months.įor a third (35%), they’re worried about the inflation-linked broadband price hikes, while 34% expect the cost of car insurance to impact them. However, for households with children, the proportion rises to 61%, the comparison site revealed.įor these families, they will need to find an extra £238 per month to cover April’s bill increases.Īnd for one in five, they’ve been forced to borrow money (average of £232) from parents in the past month to cover regular bills. Nearly half (48%) of households have struggled to cover bills in the last few weeks, according to Comparethemarket’s Money Action Index. But even ahead of the Spring bill hikes, Brits are already finding it difficult to cope with soaring costs.
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