Rise in energy bills – how do students deal with the increase?
The last few years have put students under financial pressure and this latest rise in energy bills is yet another blow. There are low-income people across the UK suffering a whopping price increase, including students. And for some, there has been nothing left but worry at the end of each month. So, how do students survive these unprecedented times without sinking?
How much have energy prices risen?
The cost of gas in January 2022 was four times higher than in early 2021 due to the economy restarting post-pandemic. Subsequently, the limited stocks of natural gas and supply constraints have driven prices to an all-time high. If you like to work in percentages that’s a record 54% increase due to supply and demand. These eye-watering inflation rates are crippling the UK, and for low-income households, it’s been truly devastating. Recently, the National Student Accommodation Survey 2022 revealed the impact that the rising cost of energy bills is having on students. And although the government announced a support package to help UK households with the increasing bills, students have been overlooked.
How can students cope with the rise in energy bills?
If you’re a student worrying about energy bills, there are things that can help to keep costs down. Here, we’ve compiled a list of things, that when added up, can make all the difference.
- Shop around for new deals, however, energy prices are currently very high. For people whose fixed deal has ended, the energy price cap set by Ofgem will be the cheapest rate available.
- Pay by direct debit – usually, you get better rates and also it means you won’t forget to pay!
- If you’re not using it – turn it off! Lights, TV, stop leaving things on standby and turn them completely off.
- Make your house insulated by using tape draft excluders in any areas that let cold air in and warm air out.
Finally, if you’re struggling and need help then contact the citizen’s advice.