Nearly half of NI worried about rising energy bills in 2024

Nearly half of NI are worried about their energy bill increasing in 2024, a new survey has found.

It may be the start of a new year, but the cost-of-living crisis is still a persistent worry for many people in Northern Ireland.

A new survey by CompareNI.com found that 49% of respondents said they were most worried about their energy bill increasing in 2024. While 20% said they were most concerned about their insurance bills increasing, 18% were concerned about grocery bills and 8% said they were most concerned with rent or mortgage bills.

The survey also found that nearly half (47%) of people in Northern Ireland struggle with finances the most in January. In addition to this, 32% said their New Year’s resolution was to save money.

Consumers may be right to worry as new figures predict energy prices to rise by 3.5% in January.*  Meanwhile, the cost of motor insurance is predicted to rise by 6% in 2024.**

A recent survey by CompareNI.com also found that in 2023, 82% of drivers in Northern Ireland said their car insurance was more expensive this year than last with 25% stating that the cost of insurance had made them reconsider driving altogether.

Premiums have been soaring throughout the UK and across all age groups, as weather-related claims surge and the cost of parts and repairs soar.  However, there are a number of things people can do in the new year to help save and reduce their insurance and energy bills.

To reduce energy bills consumers should check how competitive different suppliers are and see if there are savings to be had from switching or renegotiating. Simple things around the house such as making sure TVs or laptops aren’t left on standby, reducing the number of devices used and making sure your home is insulated properly can all help reduce energy bills in 2024.

To reduce insurance bills it is important to shop around early, as premium prices tend to increase the closer you get to your renewal date. Other things like improving vehicle security, regularly reviewing your policy and making sure your car is parked in a safe place can all help bring premium prices down.

Commenting on the figures, Ian Wilson, Managing Director of CompareNI.com said: “Even as we enter into a new year, the cost-of-living crisis continues to be at the forefront of people’s minds and as our survey shows, many are worried about how bills will increase in 2024.

“Insurance and energy bills are set to rise in 2024, with the average car insurance premium in Northern Ireland approaching £600 by the end of 2023, but minor changes could help reduce those prices. Small changes such as making sure appliances are fully turned off and improving vehicle security can help reduce bills and premiums.

“Comparison sites are also an ideal platform to compare products, to make sure you’re getting what you need, at good value.

“These may seem like simple changes, but even small improvements all add up and could help reduce spending in 2024.”

CompareNI.com helps people in Northern Ireland find savings on everyday household bills and essentials such as car and home insurance plus niche items such as travel and van insurance, personal loans and car finance. 

References:

CompareNI.com’s findings are based on a randomised survey of 800 respondents across Northern Ireland in November 2023, which represents a margin of error of approximately 5% at a 95% confidence level.

*https://www.cornwall-insight.com/press/cornwall-insight-release-price-cap-forecasts-for-2024/

**https://www.ft.com/content/8415e6b6-7aed-4c01-97a1-28cec35d503c