Media Release

71 per cent make cutbacks to help pay their power bills¹[1]Source: iSelect commissioned i-Link Research to
conduct a national online survey between 2 – 7 November 2023. The sample is
n=1,000 Australians 18+ years, with data weighted to represent the population
by age, state and gender, and is representative of all Australian adults 18+

As extreme cost-of-living pressures continue, finding ways to save money is the most popular 2024 resolution, with more than half of Aussies (63 per cent) who are making commitments for the New Year agreeing it’s on their list, according to a new study.²Source: iSelect commissioned i-Link Research to conduct a national online survey between 2 – 7 November 2023. The sample is n=1,000 Australians 18+ years, with data weighted to represent the population by age, state and gender, and is representative of all Australian adults 18+

The i-Link Research survey, commissioned by comparison service iSelect, also found ‘energy plan/s’ is the most popular household expense Aussies are interested in finding a better deal on to reduce their cost-of-living.³Source: iSelect commissioned i-Link Research to conduct a national online survey between 2 – 7 November 2023. The sample is n=1,000 Australians 18+ years, with data weighted to represent the population by age, state and gender, and is representative of all Australian adults 18+

Sophie Ryan, iSelect spokesperson, said the research highlights the significant pressure relentless price hikes are putting on household budgets, and electricity in particular, with bills increasing by hundreds of dollars for many in 2023.​⁴Source:  AER – final determination – Default market offer prices 2023-24 & Victorian Default Offer price review 2023-24 | Essential Services Commission 

“The expensive festive season is now behind us, and many Aussies may be feeling even more strapped for cash around this time of the year, so it’s no wonder finding ways to save money is a top priority for many heading into 2024,” Sophie said.

“Our study also found that the majority of Aussies surveyed (71 per cent) have already made spending cutbacks over the last 12 months to help pay for their power bills, with entertainment, dining out, and takeaway food and drink the top items people have slashed.”⁵Source: iSelect commissioned i-Link Research to conduct a national online survey between 2 – 7 November 2023. The sample is n=1,000 Australians 18+ years, with data weighted to represent the population by age, state and gender, and is representative of all Australian adults 18+

Sophie said it’s understandable struggling households are slashing their spending to help pay the bills, and unfortunately many are bracing for yet another financial sting.

“Most Aussies surveyed (83 per cent) are worried about the cost of their upcoming summer energy bill, and around one of four (26 per cent) are extremely or very worried,” Sophie said.⁶Source: iSelect commissioned i-Link Research to conduct a national online survey between 2 – 7 November 2023. The sample is n=1,000 Australians 18+ years, with data weighted to represent the population by age, state and gender, and is representative of all Australian adults 18+

“Electricity usage can surge over summer as many of us blast our air-conditioners to stay cool, and with an increased risk of heatwaves this season, a bumper bill could soon be on the way.”⁷Source: Media Releases – Bureau of Meteorology Newsroom (bom.gov.au) 

Sophie encouraged Aussies not to wait for their summer energy bill to arrive and to start the new year off on the right foot by seeing how their current energy offer stacks up.

“Every dollar counts in these tough economic times. Taking action now to compare and switch your energy plan or provider could be well worth it if it means putting some extra money in your pocket,” Sophie said.

“73 per cent of the households surveyed that changed energy providers and/or plans in the last two years say they’re saving money, and more than half (59 per cent) of them estimate to be saving more than $100 a year, while 33 per cent estimate to be saving at least $200 a year, and 11 per cent say they’re saving at least $500 a year!”.⁸Source: iSelect commissioned i-Link Research to conduct a national online survey between 2 – 7 November 2023. The sample is n=1,000 Australians 18+ years, with data weighted to represent the population by age, state and gender, and is representative of all Australian adults 18+

Sophie explained that it’s also a great idea to add your home and/or contents insurance policy to your list of household bills to review in 2024, and make sure you’re adequately covered if wild weather was to strike over summer and review the Product Disclosure Statement to understand what is covered and excluded.

“Our research found that 45 per cent of Aussies surveyed don’t feel their home is adequately insured for extreme events such as fire and flood, or don’t know if it is,” Sophie said.

“If your home or its contents are not covered for their true value, you could be stuck with higher out-of-pocket expenses if you need to make a claim, which is extra money many households simply don’t have.”

“Whether it’s your energy deal or your insurance policies, consider reviewing all of your household bills and expenses to see if you can save money or find better value as planning for the new year ahead begins,” Sophie said.

“A comparison service such as iSelect can help by comparing from a range of providers and products to see if they can find you a better deal and if you do decide to switch, they’ll help you take care of the process, saving you time and effort.” 

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