Energy price cap rise: Should I switch to a fixed rate tariff?

National World - LocalTV

And while we are sitting down to look at our finances, should consumers be considering switching to fixed tariff and what factors should we keep in mind when making our decisions?

Transcript

00:00The cost of energy going up just means that UK households do need to prepare more.

00:05I think there are a lot of services that can be of use to customers in the UK,

00:11so if you do need support it's definitely worth reaching out.

00:14So where to go to help, such as Citizen Advice, they can provide

00:19free advice and direct you to emergency grants.

00:22You know, you have consumer helplines as well,

00:25where it'll direct you to the right website there.

00:28We also have a lot of really good charities in the UK, like Turn to Us,

00:33where they'll help individuals in financial difficulty.

00:37But I think for the average household it's just being smart and planning ahead as well,

00:41just making sure that you're aware of what's going up and managing your finances.

00:46So taking that 10 minutes to actually budget in the increased energy costs,

00:52because obviously on top of everything else, you know, increased supermarket costs,

00:57fuel, everything else, it is worth definitely spending that time to look over your household

01:02finances and what that means going into the colder winter months.

01:07And while we are sitting down to look at our finances, according to your advice,

01:11should consumers be considering switching to a fixed tariff?

01:15What factors should we keep in mind when making our decision?

01:17So really for customers deciding what tariffs to be on for their energy,

01:22they really need to look at their circumstances and what they can afford.

01:26So really a fixed term, if they already know that they have those funds,

01:29whether they've saved them, that might be something to consider.

01:33Actually, going on a variable tariff might be something where

01:36actually if you need that flexibility or can't commit to a fixed term,

01:40that might still be in your best interest.

01:42So it's really per household that you need to kind of look what works.

01:46If you can manage fixed and you're comfortable with those payments,

01:50then of course that might be a way down for your household.

01:54But it's really just seeing if actually those payments work

01:57for kind of those months for yourself.

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