Brits underestimate monthly cost of utility bills
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Utility bills are costing Brits more than they think, according to new research.
A new survey has revealed that British people believe they could survive for much longer without a job than they actually could, due to a misunderstanding of essential monthly costs such as utility bills.Bright Grey, life insurance provider and financial advisers, found that Brits think they can maintain their households for ten months if their current income stopped, but research shows that they could only do so for five months.
The average person told the firm that they spend £892 a month, including utility bills, but true outgoings are typically £1,378, a difference of £486 a month.
For families, this discrepancy increases - the average household said it spends £1,037 a month, but Bright Grey studies have calculated the cost to be £2,001, nearly double consumers' estimates.
Roger Edwards, proposition director at Bright Grey, said: "From our report, it's clear that Brits are ill informed when it comes to their finances.
"Not only are they grossly overestimating how long they could survive if they lost their income stream, but even more worrying is that they have no real concept of what they're spending each month, making it very difficult to budget and plan effectively."
Households may be able to reduce the cost of their utility bills thanks to a new scheme from Good Energy, which will pay back those who install microgeneration systems, such as solar panels, on their properties.
Microgeneration technology allows homeowners to produce their own energy and those who make more than enough to power their properties will be able to sell the excess back to the provider, Which? reported.
Written by Ted Maul
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