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Around 20 million energy customers (mainly with large suppliers) in Britain are on ‘standard variable’ rate tariffs, and are potentially missing out on significant savings. Ofgem has published its own league table comparing the cheapest and priciest energy deals on the market. The table compares how much customers on standard variable tariffs (often the most expensive on the market) with each provider could save by switching to a cheaper deal, without even switching companies. More than 1.7 million Npower customers could save £261 a year, simply by moving to another Npower tariff. While a record number of people switched in 2016, close to seven in ten households are still stuck on standard variable tariffs, costing £1.4bn in total. http://www.bbc.co.uk/news/business-38314164
More than 20 million UK adults worry about personal debt, with two-thirds blaming the cost of living for their financial troubles. The number of debt-ridden adults who worry about their finances has risen by 8pc since February, according to a survey by insolvency trade body R3. One fifth of UK adults say they are "very" or "extremely" concerned about their current debts. Worryingly, 42pc of adults said they struggled to make it to pay day, with most saying the high cost of living was to blame. Liz Bingham, president of R3, said: “Although the economy is starting to pick up, many families are finding themselves left behind, weighed down by the cost of the day-to-day. “There is a sizeable chunk of the population in a very precarious position. They are renting, they have no savings, and they are only able to pay off the interest on their debts without making any headway into the principal. These people have no financial buffer to cope with any increase in the cost of living.” More: http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/10187390/20m-adults-concerned-about-debt.html