Younger generation most likely to switch energy providers

21 Sep, 2017

6 Sept 2017

A study by comparison site reveals today that the younger generation is most likely to switch energy providers, with 32 percent of millennials having switched in the last 12 months.

The study also found that over two in five Brits don’t know or understand their energy tariff options, and one in five have stayed loyal to their energy provider for over 10 years. Baby Boomers are most likely to stick with what they know, with 26.4 percent keeping loyal to their current provider for over 10 years. The findings come after British Gas announced that its standard electricity tariff will increase by 12.5 percent from 15 September, 2017.

A spokesman for Finder said: “It’s great to see that Millennials are taking more control over their energy costs. As a generation of digital natives it’s not surprising that they’re more comfortable with exploring their options and switching online. However it’s alarming that almost half of Brits don’t know or understand their energy tariff options, which could be costing them hundreds of pounds a year.”

Based on the average energy usage per person per year, has calculated that Brits could save up to £231.47 a year by switching energy providers.

Jon continued: “Although British Gas is still offering the cheapest tariff of the Big Six, it’s important to continue to compare what’s out there ahead of price hikes. As it’s such a highly competitive market, if you haven’t changed suppliers recently, or even if you have without doing your research, you could be missing out on an opportunity to stretch your pound further.”

In order to avoid the price hikes in September British households are encouraged to review their options as soon as possible.