October 2014
Featured in this insight: Electricity, Financial services, International
Research shows that 1 in 8 Australians aren’t able to pay their electricity bill: A survey conducted by Ernst & Young, in Victoria, New South Wales and Queensland, has revealed that 1 in 8 households in Australia cannot afford their electricity bill.
The research also found that 10% of Australians have missed over three energy payments in the last year.
Some reasons for missed payments include:
- Unable to afford the payment (60%)
- Forgot to pay the bill (32%)
- Disputed the bill (7%)
- Did not receive the bill (5%)
- Other reason (5%)
- Did not understand the bill (2%)
It was found from the survey that 70% of customers are worrying ‘often’ or ‘occasionally’ about not being able to afford their electricity bill. The same research last year also showed a high percentage of people worrying.
However, customers who are suffering from financial stress have access to hardship programs, said The Energy Retailers Association of Australia.
The Australian Broadcasting Corporation revealed, earlier in the month, that a proportion of household bills have risen up to $5,000 in the last 5 years.
As a result of this, the Federal Parliament plan to hold a Senate inquiry which will investigate whether the gold plating of Australian electricity companies is increasing the cost of customers’ electricity.
The research also discovered that 90% of those surveyed would consider, or have already switched to, solar energy.
View more of our sector specific insights: Electricity, Financial services
