Elderly customers could boost their finances by switching their energy plan, moneysupermarket.com has pointed out.
New analysis from the firm suggests that Britons would save up to £3.5 billion per year by changing their payment method from paying quarterly via cash and cheque to setting up a monthly direct debit.
Moneysupermarket.com also said that £3.3 billion could be saved by taking out an online plan.
The moves could also have a more pronounced effect on many elderly people, as pensioners tend to spend a higher proportion of their income on gas and electricity.
Scott Byrom, utilities manager at Moneysupermarket.com, said: "While the cost of online energy deals has fallen this year after a raft of price cuts, a freeze on the cost of standard energy tariffs means those bill payers languishing on these tariffs are being penalised even further.
"It is worrying to see the gap between payment methods widen so rapidly, but provides a clear call to action for bill payers – apathy won’t be rewarded here so taking action and swapping to the best deal possible is crucial."
A reduction in energy costs for elderly people would free up a higher proportion of income, generated from sources including equity release plans, for use elsewhere.
Posted by Richard Planner
