Written by - The Savvy Promise
At Savvy, our mission is to empower you to make informed financial choices. While we maintain stringent editorial standards, this article may include mentions of products offered by our partners. Here’s how we generate income.
With Australians feeling the chill this winter, Savvy looks at what people are doing to save on home heating expenses and deal with soaring electricity prices.
- 70% of women say they will simply “wear more clothes” to avoid energy use
- 42% of total respondents will use appliances less
- 46% will “turn off lights when not in the room”
- 43% have considered changing energy providers due to value for money concerns
A representative survey of Australians about their energy use amid rising inflation paints a picture of a chilly winter for most as they desperately try to rein in spending on heating bills.
Savvy's survey of 1,003 people, across all demographics and locations in Australia and weighted for population, showed that 67% or two thirds of Australians would plan to “wear more clothes” to save on energy use this winter, when asked to identify their top three responses. Broken down by the two main genders, 70% of women identified this as a top response, compared to 64% of men.
As for other strategies 42% of the total said they would use their appliances more sparingly, and 46% would turn off lights when not in the room.
Energy Crisis
Huge energy bills were always on the cards as wholesale electricity prices skyrocketed by 141% this year – which retailers have had to pass on to consumers.
Adding to energy woes, The National Electricity Market was suspended by the Australian Energy Market Operator last month to ensure consistent electricity supply.
According to the survey, when asked their top three responses, 43% say that they are considering changing energy retailers as they are unhappy with the value for money, and 32% saying they’ve found more competitive rates elsewhere.
Savvy CEO Bill Tsouvalas says that loyalty to a certain retailer will cost consumers.
Bill Tsouvalas, Savvy Managing Director & personal finance expert;
“If you haven’t changed your energy retailers over the last twelve months, look for cheaper alternatives and lock in prices as much as you can. Keep looking for better deals. Even if you’ve changed provider recently, it doesn’t mean you can’t change again.”
“Consumers hold the ultimate power even in times of inflation and rising prices – so be prepared to vote with your feet... or your wallet!”
Tsouvalas also says that everyday Australians may struggle to heat their homes efficiently due to insulation standards,
“It’s unfortunate that we may be paying even more due to lax insulation standards that lag behind other countries,” he says. "An option for some may be to consider a personal loan to upgrade their home's insulation and reduce the amount of wasted heat."
If you are experiencing acute mental stress due to finances, contact Beyond Blue on 1300 22 4636 or Lifeline on 131 114.
Did you find this page helpful?
This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.
The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.
Approval for car loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.
The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.
