CONSUMERS WORRIED OVER FUEL BILL RISES AS TEMPERATURES DROP
Three quarters of Equifax customers are concerned about fuel prices as half worry about job security
London, 21st October 2011 - According to new research* carried out by online credit information expert, Equifax, a massive 73.8%* of consumers say they are worried about the rise in fuel bills this winter. Nearly half (49%) of all respondents to the survey have taken steps to reduce outgoings by switching providers of various services, such as energy, home and car insurance or mobile phone. Of these 47.2% said they had switched energy provider in the hope of bringing costs down.
Further illustrating concerns about family finances is the fact that nearly half of respondents to the Equifax survey (42.5%) said that they are worried about the security of their job next year and almost three quarters (72.6%) do not think they will be getting a pay rise next year, or don’t know if they will. Both of these concerns have increased compared to a year ago when Equifax customers were asked the same questions. In November 2010, 66.4% of respondents to the Equifax survey did not believe they would be getting a pay rise this year. And 36.8% were worried about their future job security.
“Rising living costs and little if any increase in earnings is forcing consumers to reassess their financial outgoings and make as many cut backs as possible”, explained Neil Munroe, External Affairs Director, Equifax. “Families have this week been hit by news of the biggest inflation rise in twenty years. This will undoubtedly add further pressure on finances as 46.1% of respondents to Equifax’s survey said that they are felt their current cost of living was manageable, but if prices continued to increase, it would be difficult to manage financially.”
“The fact that a large proportion of our customers have already switched energy providers as well as reviewing other financial services providers such as home and motor insurance, shows that consumers are preparing for further financial instability” continued Neil Munroe. “Taking action sooner rather than later will ensure they do not get into a situation where they are starting to fall behind on payments, as this will only cause them further financial problems in the long run.”
*Source - Equifax 2011 Finances Survey – 1,166 respondents
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