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What are UK residents planning to cut back on?
We asked 1,150 UK residents whether they're going to cut back on different services/products because of rising energy bills.
Respondents were asked to rank various services/products on a scale of 1-7, based on how likely they'd be to cut back on each - with '1' being the most likely and '7' being the least likely.
Check out which services/products people are most likely to cut back on below.
Ranking Services/products people are planning to cut back on1st
Going out (e.g. bars, restaurants, cinema, theatre)
2nd
Holidays
3rd
Food and drink
4th
Shopping
5th
Streaming subscriptions
6th
Gas and electric usage
7th
Continue as normal
*Based on respondents' answers, which were given on a scale of 1-7 - one being the most likely, and 7 being the least. We worked out the average for each category and ordered them in terms of what people are most likely to cut back onContinuing as normal
Despite the cost of energy bills going up, 13% of people responded that they will continue as normal, by ranking this option 1 out of 7, with an additional 3% of people giving it a two.
On one hand, this could suggest that 16% of people don't feel the need to cut back on their costs of living. But on the other hand, it could indicate that these people simply can't cut back any more than they are.
Unfortunately, the reality is that a lot of people were on a tight budget before this cost of living crisis, and have no other option but to carry on as usual.
Our findings suggest that older generations are more likely to carry on as usual than younger generations, as you can see on the chart below.
*Based on respondents giving a ranking of one out of seven, when asked how likely they are to carry on as usual (one being the most likely, and seven the least likely)Millennials vs boomers: How do they compare?
Generational divide is a conflict as old as time, and our survey certainly reflected these age-old differences.
Check out the chart below to see how people aged 57-75 ("Boomers") and people aged 25-40 ("Millennials") compared to each other in this study.
Although Boomers and Millennials share common ground on things like holidays, food and drink, shopping, and TV subscriptions, they responded differently to a few key priorities.
Millennials are much more likely to cut back on going out due to the cost of living crisis, whilst Boomers are far more likely to cut back on energy consumption at home.
More notably, a much higher percentage of Boomers are planning to carry on as normal amid the energy crisis, compared to millennials.
Summary
Energy bills are soaring, leaving millions of households at risk of falling into fuel poverty.
Our National Home Energy Survey has outlined just how much people will have to cut back in the coming months, and possibly years, to make up for sky-high energy bills. Want to learn more? Check out the rest of the findings in the full report.
Keep an eye out for our National Home Energy Survey next year in 2023, where we'll compare how these attitudes have changed.
To get the full data for the survey, please email [email protected].
Beth Howell Writer @Bethany_Howell_
Beth has a real passion for green living. She's been absorbed in eco research for over three years, and has become quite the expert. Whether you're after a new set of solar panels, a home energy improvement, or you want to catch the latest eco news, she's got your back.
