Brits set to make raft of spending changes in 2024 to save money and cover cost of household bills - Utility Warehouse research

• Ongoing cost-of-living pressures mean 45% committed to lowering energy bills by wearing extra layers or using appliances less.
• 15% considering reducing levels of household services including limiting broadband quality to save on bills.
• Many households don’t believe switching suppliers is worthwhile and could be missing out on much-needed savings.
• January is a great time to shop around for a new deal - Utility Warehouse launched a new superfast broadband bundle – cheapest on the market - to help households save even more in the year ahead.

Budget-conscious Brits are set to make a raft of changes to their spending habits in 2024 to save money and cover the cost of household bills, new research from Utility Warehouse (UW) reveals.

As consumers continue to grapple with the cost-of-living crisis, more than a quarter (26%) of bill payers admitted they were “very concerned” about potential price increases in the next 12 months and many were considering radical measures to cope.

To help make ends meet, 45% said they would “make a conscious effort” to lower their energy bills by wearing extra layers or use high energy appliances less. Another 15% said they would look to downgrade their household services, including scaling back the quality of their broadband to make savings.

On day-to-day spending, around two in five (37%) said they would cut back on groceries, 42% expect to spend less on eating out and takeaways while 37% plan to go on fewer holidays this year so they can pay for the essentials.

Additionally, more than a fifth (22%) said they were considering using savings to pay for their household costs, 6% were planning to borrow money from family or friends and another 5% were planning to take out a new credit card or bank loan to help them budget.

The research comes as UW recently launched the UK’s cheapest superfast broadband deal from just ￡19.99 for 18 months, available when customers also switch their energy to UW. And unlike many other suppliers, UW guarantees no mid-contract price rises - delivering even bigger savings for customers.

Conducted among 3,000 bill payers, the research also reveals that since the cost-of-living crisis, many people don’t believe switching is worthwhile or that there are better deals to be had on household services. As many as 37% think broadband providers “offer pretty much the same deal”, while over half (55%) think the same is true of energy suppliers.

Stuart Burnett, Co-CEO at Utility Warehouse, said: “Last year was extremely challenging for many people and while inflation is now falling, it’s still tough out there. Households shouldn't have to cut back on essential services like broadband just to make ends meet and so it’s vital that consumers take the time to shop around for a better deal. January is a great time to do this and that’s why we’re launching our new market leading superfast broadband deal to help customers save even more on their household bills in 2024.”

More than 62,500 additional households switched to UW in the first 6 months of FY24, representing an annualised growth rate of over 14%. With 950,000 households taking 3 million services from UW, the business is expected to pass the one million customer milestone during the current financial year.

To get a quote with UW visit: https://uw.partners/paul.hawkins/join