Disorganized Households Pay £801 Extra Yearly Due to Poor Bill Management
Uswitch reports that disorganized homeowners pay an average of £801 more per year due to late fees and failure to switch contracts.
Disorganized households pay an estimated £801 more per year because of poor bill management, according to a study of 3,000 homeowners commissioned by Uswitch and conducted by OnePoll.com. The research indicates that 45% of homeowners have incurred late payment fees, with mortgage penalties proving the most expensive at an average of £78.32 annually. Additionally, 22% of participants admitted to forgetting to renew or switch their contracts.
Uswitch warns that households failing to switch energy tariffs could pay £355 more per year following price increases that took effect on October 1. The study also highlighted a personality-based disparity, noting that Type B individuals are 40% more likely to incur late fees than Type A individuals.
Sabrina Hoque of Uswitch urged homeowners to move off standard variable rates before further price increases arrive in January. She noted that procrastination on bills could have real consequences as energy costs rise ahead of winter.
