More than half of 18 to 24-year-olds and a quarter of families don’t know whether they have a standard variable tariff (SVT) or not, new figures show.
A new report by renewable energy company ‘Bulb’ questioned more than 2,000 UK residents about their energy arrangements during December last year.
Co-founder of Bulb, Hayden Wood said: “Millions of families aren’t getting the cheap energy deals they deserve because of the way the ‘Big Six’ confuse their customers.
“Complicated tariffs and hard-to-understand bills mean 28% of all households don’t know whether they’re being ripped off or not.
“I’m particularly concerned that younger generations appear to be the most affected.”
The figures also showed that people aged 55-74 are the most engaged with their energy bills, with only 16% of those questioned unsure about whether they have a SVT.
SVTs are often criticised for being too expensive since they have no end date and don’t always give as good a deal as shorter term options.
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