3m pensioners struggling with energy costs - what can you do?

Millions of pensioners are finding it hard to make ends meet - and energy bills in particular are a big concern.

According to Age UK, more than a quarter of older people (28%) are struggling to manage financially.

Meanwhile, one in four (25%) - or 3m people - say they find their energy bills unaffordable.

Pensioners making tough choices

As a result, many older people are having to make difficult decisions.

For example, over a third (35%) say they’ve cut back on heating and powering their homes recently.

That’s about 4.2m people.

In addition, almost one in five (19%) - around 2.5m people - say they live in homes colder than they’d like them to be.

And more than two-thirds (69%) revealed they’d rather their turn their heating off than fall into debt.

Iran crisis could push prices up further

As the conflict in Iran forces oil prices upwards, many households will be worried about what impact it could have on their energy bills.

The current energy price cap set by Ofgem is fixed until June, and the government has said this won’t change despite the continuing crisis in the Middle East.

But prices could go up after that.

“Even before the crisis in the Middle East, one in four pensioners were finding life tough financially,” said Caroline Abrahams, Charity Director at Age UK.

“Now we know that many will be worrying about the impact of the war on their fuel bills and dreading being unable to afford their heating when they really need it later in the year.”

More must be done to help heating oil users, says Age UK

Ms Abrahams said the fact that the energy price cap won’t be reviewed again until July “provides some precious temporary reassurance”.

However, she warned that this “doesn't help those older people who use heating oil, who are immediately exposed to quite enormous price hikes”.

The government this week unveiled a £53m emergency support package for households struggling with heating oil costs.

And while Ms Abrahams said it’s “brilliant that the government has recognised the plight of anyone in this situation”, she believes more must be done to help them.

“Unfortunately, the £53m they have allocated in support simply won't stretch far enough,” she commented.

What can I do if I'm worried about the cost of living?

If you’re feeling anxious about making ends meet, then help is available.

Try out household bills calculator

If you’re worried about how rising costs could affect your budget, it can help to see the bigger picture.

Our free and interactive household bills calculator gives you a personalised forecast of how your monthly costs could change.

It only takes a couple of minutes to use and shows how bills may change based on where you live.

Contact your supplier

If energy bills are a particular worry, speak to your supplier. 

They might be able to offer:

•    grants
•    payment plans
•    advice on managing your account

It could also be worth joining the Priority Services Register for extra support, as well as taking steps to cut your energy usage.

Find out what benefits you could claim

You might be able to claim financial support from the government to help you with your living costs.

For example, you might be entitled to pension credit, which provides people on low incomes who are over state pension age with extra money to help with living costs.

Use our benefits calculator to see what you could be eligible to receive. 

Manage your household budget

Gas and electricity are just some of the costs that come with running a household.

So it’s well worth creating a budget, so you can see how much money you have coming in each month and prioritise your spending.

You can then be confident that you’re able to cover these vital expenses, as well as work out what you can afford to spend on non-essentials and put into savings.

Get started with our budget planner - it’s free and easy to use.