Are you underestimating your bills?

A study was conducted with 2000 families to compare their estimate of their annual spend for bills including taxes and compared it with the figures obtained by institutes like Ofcom, Ofgem and Ofwat. The result was found that on an average, the households underestimate their annual spending around 500 Euros.

Results of the survey

The bill payers underestimate the council tax by 672 Euros and on an average, the actual amount was double their estimate. They overestimate the annual charge for TV, broadband and phone by 375 Euros. Gas bills are underestimated by 243 Euro and electricity bills are estimated 72 Euros lower on an average.

Shocking percentage

More than 25% of the respondents accept that they do not study their statement and 33% of the people do not even see it. Thus, almost 800 thousand families do not open their statements. About 11% of the people were not able to afford to pay their bills and 44% of them could just cover the expenses. 23% of people never had a meter reading for their energy bills and about 46% of the people have disputes with the providers for overcharging them. 95% of the people who participated in the survey said that they would take more steps to reduce the consumption of energy.

Source: http://money.uk.msn.com/news/families-underestimating-bills-2

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