A new survey throws light on how perilous some household finances are as energy prices increase despite government interventions.
Research from The Mortgage Lender reveals that 13 per cent of adults have missed an energy bill payment since the start of 2022 and some six per cent say they already cannot afford to pay their routine bills.
Another 16 per cent say they would not be able to afford their energy bill if it went up by a further one to 10 per cent, while another 17 per cent say they would not be able to afford bills rising by 11 to 25 per cent.
Not only can missed payments impact consumers’ current health and safety, but they could also have long-lasting repercussions on their credit scores.
The research found that 14 per cent of adults would consider missing their energy bill payment in the future to cope with rising costs. This rises to a quarter of young people who said they would consider missing their energy bill.
Dramatically, 29 per cent of 18 to 34 year olds admit they have missed an energy bill payment since the start of the year, more than double that of the national average. Similarly, 30 per cent of 18-34-year olds said they have missed a utility payment since the start of the year.
Londoners have been hit hard with nearly a third saying they’ve missed an energy bill payment in 2022.
Peter Beaumont, chief executive of The Mortgage Lender, comments: “There is no denying that we are in difficult times with the cost of living as high as it currently is. For many, the sheer cost of energy and utility bills, or even the thought of them rising, is unnerving. Indeed, some have already had to miss their regular payments in order to get by financially.
“What is perhaps more concerning though, is the number of people who would consider missing them in order to cope with rising costs. This could have a significant impact on an individual’s credit score, and ultimately their ability to access loans such as a mortgage, whether a first-time buyer or an owner re-mortgaging.”
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