New legislation means customers need to act now to change tariffs.
AGE SCOTLAND ENTERPRISES ENCOURAGES OLDER PEOPLE TO ACT NOW TO GET THE MOST FROM ENERGY MARKET REFORMS
- Age Scotland Enterprises encourages customers to act now with just 40 days remaining to the deadline for industry roll out of Ofgem’s Retail Market Review
- Over half of over 60s unsure whether new government initiative will bring clarity to the energy market (57%) while more than two thirds unaware of the impact the new measures will have on their energy bills (71%)
New research has found that more than half (57 per cent) of over-60s remain unsure whether the Retail Market Review (RMR) will help their understanding of the energy market, and less than one per cent (0.6 per cent) feel that the changes will bring greater trust in providers.
The RMR is being rolled out by Ofgem, the industry regulator, and seeks to improve Britain’s energy market for the benefit of all consumers.
However, 40 per cent of those surveyed in November didn’t realise that responsibility falls on the consumer to take action when the new tariffs come into effect. Energy customers could be placed on a standard tariff that may not be the product best suited to their needs, nor the cheapest, unless they proactively contact their supplier to discuss their options.
When asked late last year, almost one in five over 60s (19 per cent) indicated that they had heard of the market changes from their energy provider while just under two thirds (65 per cent) had heard in the media. It is vital that customer awareness is maximised to ensure they are able to respond to the changes and secure the best deal for their individual circumstances.
Age Scotland Enterprises and its energy product provider E.ON are communicating with their customers to tell them about these changes regarding Age UK Energy tariffs** and the importance of proactively checking with their energy provider to ensure that they are on the best deal.
And with just 40 days to go until the final changes are implemented, consumers are being urged to act now.
Logan Steele, General Manager, Age Scotland Enterprises, said: “The Retail Market Review is a huge change to the energy sector and in the longer term will be good for customers by simplifying energy tariffs.
“But there is evidently more work to be done to ensure older consumers are made aware of the changes that lie ahead. There are currently 14.5 million people aged 60 and over in the UK, more than 62 per cent of whom have never changed their energy provider. It is consumers like this that we need to make sure are aware of the imminent changes.
“Age Scotland Enterprises has long championed ‘savvy consumers’, empowering older people to shop around and better manage their financial arrangements, and we encourage people to take a proactive response to the RMR. It is hugely important that those who are unsure of whether their energy tariff will change, or are concerned at what has happened to their tariff, should contact their energy supplier to ensure that they are on the best tariff for them.”
Further guidance on RMR and seeking the right tariff is available from the Age UK website