Many people may look to switch gas and electricity provides to reduce the impact rising prices are having on their household bills, which are having an impact on many families.
A study by Santander revealed 29 per cent of individuals say their overall standard of living has been negatively affected by spiralling costs for everyday essentials.
It found gas bills have almost trebled over the last ten years, while electricity prices climbed by 109 per cent between 2002 and 2012.
However, over the same period, average incomes increased by just 24 per cent, according to data from the Office for National Statistics.
Banking director at Santander Carlos Palacios said this is a situation that is likely to get worse in the future as expenses continue to spiral.
However, he noted: "There are a number of things people can do to reduce their household bills, from installing home energy monitors to analysing their energy usage or changing their utility suppliers."
Recently, a study by Policy Exchange found half of people say reducing energy bills should be a key priority for politicians.
If you want to find out more about switching energy suppliers and how you could save hundreds of pounds in minutes, click here.
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