The cost of household bills has rocketed ahead of general inflation in the last decade, with TV, phone, broadband, council tax, gas, water and electricity rising by a staggering average of 81%, prompting more than one million householders to not even open their bills.
Gas has pushed the cost of household bills the most, with prices rising an average of 185% in the last 10 years according to research from Santander Current Accounts, with electricity bills not far behind at 120%. Water bills have risen by 66% in the same period, yet despite the rises, bill payers last looked for a better deal more than a year ago. This means they could be missing out on thousands of pounds in savings. General inflation over the same period has been far lower at just 37%,
Customers can expect to pay around £138,000 in bills over their lifetime, with council tax creating the biggest liability at £36,875 over someone’s lifetime.
Matt Hall, Director of Banking at Santander, said: “By being savvy, people can potentially save a small fortune on household bills over the course of a lifetime as these make up a significant amount of household income.
“Costs can be reduced by regularly reviewing suppliers to make sure bill payers are getting a good deal, and there are also one-off changes that will help to reduce costs. For instance, many suppliers offer a discount for paperless bills or paying by direct debit and Santander’s 1|2|3 Current Account pays up to 3% cashback on essential household bills. These things combined could create huge savings over time.”