In advance of the fuel price hike on 10th November from the last of the Big Six energy companies, research from the Payments Council shows that UK over-65s could save hundreds of pounds by taking advantage of money management measures that will help them prepare their finances for the winter – including simply changing the way they pay.

It is estimated that for every one per cent rise in energy bills, an extra 40,000 households fall into fuel poverty, and over 3.5 million older people (in 2.8 million households) already live in fuel poverty in the UK.

Every year, more than 30,000 older people die from preventable causes over the winter months, and additional deaths from cold weather contribute to 1 in 20 of all fatalities each year.

To help alleviate some of the additional pressures the cold season brings, the Payments Council, supported by consumer champion Esther Rantzen, has produced a leaflet as part of the Pay YOUR way campaign to help explain the many payment options available and the differences between them simply and clearly.

The research pointed towards many over 65s being savvier than their younger counterparts about some money management measures: with 79% knowledgeable of energy efficiency grants compared with just 57% of the overall population; and 87% having loft insulation compared with 71% of the overall population. However, there were several key areas identified where older people in particular could be saving money and hassle this winter:

Esther Rantzen CBE, supporting Payments Council’s drive to encourage more people aged 65 and over to prepare their finances for the winter, said:

“The winter can be a particularly difficult time for people financially. Christmas is coming, fuel bills are higher than ever this year and older people in particular are vulnerable to fuel poverty and a heightened risk of falling ill. But it doesn’t need to be a time for worry. If every single one of us is well-informed about being prepared for the winter financially, we can make choices that will help us survive the winter – and save time, money and hassle at the same time.”

Sandra Quinn, Payments Council Corporate Communications Director said:

“Getting a flu jab isn’t the only thing older people should think about to prepare for winter, you should also think about protecting your finances too; that’s why we’re urging people to go to our website to find out more.”

Find out more about how to prepare yourself financially for the winter and about the range of payment methods available to you by visiting the Payments Council's website below, or contact your bank to find out how to get started with telephone and internet banking.

You can pick up a Pay YOUR Way leaflet from your local Citizen’s Advice Bureau, or download it from the website below.