New research from Santander has revealed that UK households will spend an average of almost £138k on household bills throughout their lifetime.The analysis also reveals that the average p...
New research from Santander has revealed that UK households will spend an average of almost £138k on household bills throughout their lifetime.
The analysis also reveals that the average price increase in the last decade between council tax, TV, phone & broadband, gas, water and electricity is 81% - over twice as fast as the 37% increase in inflation as measured by the Retail Prices Index (RPI) over the same period.
Gas prices are the biggest driver of household bill increases, rising 185% in the last 10 years. Electricity has more than doubled (up 120%) and water bills have risen by 66%. Council tax and TV, home & broadband prices have still risen, but at a slower rate than inflation.
Household bill price rises
|Bill type||Increase in prices 2004 - 2014|
|TV, phone and broadband||6%|
Lifetime household bill spend
|Bill type||Estimated lifetime spend|
|TV, phone and broadband||£18,226|
Further research commissioned by Santander to support its 1|2|3 Current Account, which pays cashback on essential household bills, found that one in eight (13%) bill payers have never supplied a meter reading or couldnï¿½t remember the last time they gave one for either their gas and/or electricity. On average, the last time bill payers reviewed their providers for a better offer was more than a year ago (13 months) which means households could potentially be missing out on hundreds of pounds worth of savings as a result of these factors.