40 per cent of over 60s could overpay for energy

With just 40  days remaining to the deadline for industry roll out of Ofgem's Retail Market Review (RMR), Age Scotland Enterprises is calling on energy customers to act now to ensure they get the most from energy market reforms. 

The Retail Market Review is being rolled out by Ofgem, the industry regulator, and seeks to improve Britain's energy market for the benefit of all consumers.  However new research has revealed that 40 per cent of over 60s don'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. 

The survey also found that more than half (57 per cent) of over-60s remain unsure whether the Retail Market Review 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.

Logan Steele, General Manager at 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 Retail Market Review. 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."

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.

Age Scotland partner Age UK publishes a factsheet on switching energy supplier.

Download factsheet on switching energy supplier