- Friday, 28 August 2009The Institute for Fiscal Studies (IFS) has found that both energy prices and fuel spending increased among older households in recent rears.
Should the trend continue, Britain's older generations could find themselves in financial difficulty and seeking consolidation options such as
individual voluntary agreements (IVAs).
The IFS study found that in the period between 2004 and 2007 the price of gas increased by 55 per cent and electricity by 36 per cent.
At the same time the average household increased its fuel spending by between 21 and 22 per cent.
Cormac O'Dea, one of the report authors, said: "In recent years, the rapid rise in household fuel prices has been of considerable cause for concern, in particular for older and vulnerable households.
"This research shows there have been substantial changes in fuel spending and consumption amongst older households, with spending rising."
Consumer Focus revealed earlier this week that many Britons were being overcharged for their energy, despite a reduction in the wholesale cost to the supplier.
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