Cost of energy remains a worry for consumers

But the cost of living remains one of the biggest concerns for consumers. Three quarters are worried about energy (79%), fuel (79%) and food prices (73%), which have remained high throughout the year. In addition, consumers are worried about the level of their savings (55%).

Overall, compared to a year ago, one million more households are now feeling under financial pressure.

In a separate survey of MPs, Which? also found that their trust in different industries to act in consumers’ best interests was low in sectors that directly impact on the cost of living. 46% of MPs surveyed said they don’t trust the banking industry to act in the best interest of consumers, with similar levels of distrust for energy companies (44%).

Which? Executive Director, Richard Lloyd, says:

“Politicians of all parties say they recognise the crisis of trust in essential services like banking and energy. They should now set out how they will redouble their efforts to reform failing markets so that prices are kept in check and unacceptable practices are stamped out. Giving more power back to consumers is good for business and for growth in the economy.”

The Which? Consumer Insight tracker also found:

o     A third of people (31%) are finding it difficult to live on their current income and 33% always or often run out of money at the end of each month;

o     Six in ten people describe the economy as poor and 29% believe it will get worse in the coming 12 months;

o     Two thirds (64%) believe the economy is hurting their own financial situation;

o     The car industry, banking and finance and energy are considered, by consumers, not to be trusted to act in their best interest;

o     Just one in four people (23%) trust the gas and electricity industry to act in their best interest;

o      Only 32% of consumers trust the banking sector to work in their best interests; only one in five (17%) trust the long-term financial products sector to act in their best interests.