Are you happy with your energy supplier?…
- 38% of people are content with their current deal
- One in three consumers haven’t even considered the idea of switching
- Men are less loyal than women when it comes to energy companies
- The over-65s are the most loyal
We have all heard how simple it has become to switch energy suppliers – but how many people would actually make the switch?
Energy price comparison site, Love Energy Savings, conducted a Google Consumer Survey to determine how UK customers feel about their power providers, asking them if they are happy with their current deal and whether they would change to a new tariff.
Recently, new regulations have reduced the time it takes to change energy supplier from six weeks to just 17 days, streamlining the entire process even more than before. With this in mind, Love Energy Savings asked: “Are you happy with your energy supplier?” and obtained some interesting results.
More than one in three are happy
Overall, 38% of people said they were happy with their provider and have no desire to switch to another. This could be because people have already switched earlier on and have secured a good deal, or they may have simply had a low tariff from the very beginning. Interestingly, 19.6% of the respondents said they were happy with their provider, but they’d still entertain the idea of switching.
It seems that men are more promiscuous when it comes to choosing their energy suppliers. More men (26.6%) agreed that even though they were happy they would still switch supplier, compared to a lower number of women (12.1%) when asked the same question.
Meanwhile, it appears that attitudes towards energy suppliers change depending on a person’s age. The 25 to 34-year-old category are the most open minded, it seems, as 30% said they’d still keep an eye out for better tariffs even though they are happy with their existing deal. All in all, the over-65s are the most content with their energy supplier, with more than 52% suggesting they’re happy at the moment.
Loyalty is important to the over-65s, as 8.6% said they wouldn’t switch, even though they were unhappy with their current deal. No other age group was anywhere near this tolerant.
A lack of awareness?
Unfortunately, there’s still a general lack of awareness about the switching process. 33.4% of the survey respondents admitted that switching energy suppliers was not something that they had even considered, which highlights the fact that not everybody knows about the savings that can be made through changing providers.
It’s the 55-64 age group that are least receptive to the switching process, with 48.2% stating that they’d not given it a second thought.
Even if you are happy with your energy supplier, it is always worth using a comparison site such as Love Energy Savings to see if you can find a better deal. After all, it is free and you might end up saving yourself a substantial amount of money each month.
Now is the perfect time to switch suppliers and make significant savings. The ‘big six’ energy companies – British Gas, E. ON, npower, Scottish Power, SSE and EDF Energy – have recently lowered their prices to reflect the falling value of oil. Additionally, an abundance of smaller, independent energy providers have emerged, many of whom are offering cheaper tariffs than the bigger competition.
As an energy consumer, you’ve arguably never had as much choice.
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