Generation Y relying on friends and family to pay their energy bills

Published On : 08/12/2017

• Nearly half (48%) of 18 to 34 year olds rely on their partner, family or housemates to pay their energy bill each month
• 46% of Millennials don’t know what energy tariff they’re on
• Cable TV bill is as important as the water bill, according to the younger age groups (9%)

Despite mastering the ins-and-outs of smartphone contracts and TV packages, younger generations are struggling with the finer details of their gas and electric bills.

New research, conducted by GoCompare Energy, has uncovered just how much the UK knows about its monthly energy consumption – and it’s not great news for ‘Millennials’.

While energy bills were the most important monthly outgoing (29%) for 18 to 34 year olds, almost half (48%) of those in the age bracket rely on their partner, family or housemate to ensure that the bill is paid.

According to the 18 to 34 age group, the monthly bills they pay as a priority are:

1. Gas & Electric (28%)
2. Council Tax (15%)
3. Car Insurance (12%)
4. Home Insurance (10%)
5. Cable TV (9%)

Young people are also the most likely to rely on estimated usage for their bills, with only 44% of 18 to 34 year olds entering the exact readings. Couple this with the stat that 46% are unaware what tariff they’re on, and you’ve got a recipe for some unexpected outgoings each month.

It’s not all negative news for the 18 to 34 age group, though, as they were the most likely to agree with the statement ‘I am energy efficient because I want to preserve the planet’ (28%).

GoCompare Energy spokesperson Ben Wilson said: “We’re constantly encouraging people to keep an eye on the finer details of their energy bills, as it can be small changes that make differences in the long term. 56% of households haven’t switched energy provider in the last three years, with 29% saying they have never switched energy provider3, which means there are potentially millions of households paying too much for their energy.

“If you’re fed up of regular price hikes from energy giants, the easiest solution is to switch. The truth is providers stick their most loyal customers with their most expensive tariffs. So it’s important to keep reviewing your utility bills on a regular basis, and definitely not to rely on other people to pay it for you.“

To find out more about saving money on your energy bills, or simply to understand them a little more, head to Gocompare.com Energy’s handy guides: http://www.gocompare.com/gas-and-electricity/guide/

Uma Rajagopal

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.