Brits target energy use as they take up new ways to save money

• Half of Brits have tried a new way to save money over the past year
• Home energy use was the key priority area for saving, with common actions like turning down the heating, cooking at home and doing less laundry
• Three in five say their saving hacks have been successful
• Half say their smart meter and in-home display have helped the control their energy bills

Almost half (48%) of Brits have tried a new way to save money in the last year, as the high cost of living continues to affect people across the country.

According to a new survey from Smart Energy GB, home energy use is the most common priority area for people trying to make savings (27%).

This is also reflected in the most common actions people have taken to reduce their spending in the past 12 months. Half have turned down their heating, 44% are cooking at home, and 38% have changed how they do their laundry, either doing fewer loads or using colder washes. Previous research has found that turning your thermostat down one degree can save a household over £100 a year in energy.

Of those who have a smart meter, half (51%) say their smart meter and in-home display have helped them to control their energy bills. A smart meter’s display shows how much energy you are using in near-real time and in pounds and pence, which can help you to keep track of your energy usage and find ways to make savings.

After energy use, the top priority areas for saving money are shopping and eating out, both chosen by 14% of the survey respondents.

Eating out is one of the top things that Brits are most likely to splurge on (29%), and more than half (55%) say that it was an area they would be willing to spend less on in order to save money.

Shopping is another key area for saving, with half (52%) of Brits saying they would be willing to cut their spending on clothes. Many people have tried different ways to cut spending on shopping more generally over the past year. More than a third (37%) have tried shopping at discount stores, and a quarter (26%) have started bulk buying products to save money in the long run.

Smart Energy GB have partnered with the discount retailer Poundland to highlight some simple things that people can do to save energy around the home. And to ensure people are just as smart with their energy as their shopping, the partnership also shows how getting a smart meter can help you to identify more ways to reduce energy use and save money.

Poundland said:

“We know our customers have appreciated the help we’ve given them to navigate the impact of rising prices.

“And because we know how much that matters, we’re delighted to team up with Smart Energy GB to identify even more ways for people to spend smarter.”

The research also shows that making some small changes to reduce your spending can be worth it. Three in five (58%) said that their saving methods had been successful over the year, and the same proportion said that they believed it was still possible to live a life of quality for a bit less money.

Phillippa Brown, a fuel poverty specialist from Smart Energy GB, said:

“With times still tough for many, it’s unsurprising that people are feeling motivated to take control of their finances. With bills expected to rise as winter approaches, finding new ways to save money is an absolute priority.

“While we want people to feel like they have more control over their energy use and finances, for some this may be difficult so we’d encourage anyone who is concerned to look for help and support. 

“Getting a smart meter is one easy step people can take to help have more control over their energy use and continue to cut costs at home. A smart meter automatically sends exact meter readings to your energy supplier meaning no more estimated bills, you’re only paying for what you use and you don’t have to worry about sending meter readings manually.

“We urge anyone who is concerned about paying their energy bills to seek help – either by speaking to their energy supplier, or contacting organisations such as Citizens Advice and Energy Saving Trust who have plenty of useful information on getting financial help and support, including what grants are available, as well as energy efficiency advice.”

To find out more about Smart Energy GB and how to get a smart meter, visit www.smartnergygb.org.