Research by Ernst & Young, published today, has revealed that despite recent energy price cuts, consumers are more concerned about the affordability of their energy costs than other expenses such as mortgages and food bills.
Those aged 55 and over worry the most (37 per cent), while those aged between 25 and 34 are the least likely to be concerned (20 per cent).
Consumers in Wales (37 per cent) and the West Midlands (34 per cent) emerge as the least confident about being able to meet their energy bill payments.
The survey also showed that only 12 per cent of consumers fully understand what makes up their energy bill.
Despite this, 48 per cent of the 2,000 consumers asked said they would be willing to pay more per month towards investment in energy infrastructure, particularly renewables and combating climate change.
Ernst & Young’s head of power and utilities Tony Ward said: “Our survey reveals a perhaps surprising degree of willingness to pay more for our energy. But only when the purpose is clear there is a strong link to investment for the future health of our energy system.”
“As the majority of consumers take a more active interest in their energy, their supplier and what their money is being used for it is vital that industry and government alike take responsibility to empower and inform them,” he added.
“This will not only equip consumers with the knowledge they need to make informed decisions, but also help to gain their support for the reform that the UK’s energy infrastructure needs.”
In February, a report by Which? said that energy suppliers had “overcharged” consumers by up to £2.9 billion over the last year by not cutting bills further and sooner. Price comparison website Energyhelpline.com claimed last winter that, given falling wholesale prices, the big six could afford to cut bills by £63 per year for customers on standard tariffs.
Eon was the first of the big six to cut its standard gas tariff by 3.5 per cent on 13 January, followed by British Gas (5 per cent), Scottish Power (4.8 per cent),Npower (5.1 per cent), SSE (4.1 per cent) and EDF (1.3 per cent) over the rest of the month.
Last month, Labour leader Ed Miliband resurrected plans for forced energy tariff cuts, saying the party would act immediately to slash energy bills if it comes to power in the May general election.
Energy secretary Ed Davey had previously attacked Labour’s plans to force energy price cuts, saying the increasingly competitive market is already changing the strategy of large suppliers to the benefit of consumers.