According to research by Ipsos Mori, many fear that the cost of living crisis will worsen in the coming months.
According to research, three-quarters of Britons believe their utility bills are going up this year. However, more than a quarter say they are putting costs before environmental concerns.
According to research by Ipsos, 75 percent of respondents expected that the cost of energy would rise. 49 percent also predicted that their bills would go up a lot.
Seven out of 10 people believe that the cost of food shopping will rise, while less than two-thirds of households expect an increase in the cost for other household shopping.
About half of Americans believe that motor fuel costs will rise while 46% anticipate an increase in the costs for going out and socializing.
Inflation causes priority shifting
The same research also showed that consumers are divided over cutting household costs and making environmentally-friendly choices.
38% believe it is more important to cut costs than to make better choices for the environment. However, 43% say both are equally important.
Just 13 per cent say it is more important to make environmentally-friendly choices, even if it costs more.
According to the survey, young people are more likely agree with this than are higher earners.
Nearly 16 percent of people earning over 55,000 per annum believe there should be more emphasis on environmental friendly changes than the 9 percent of those earning less than 19,000.
Gideon Skinner, Ipsos Mori research Director, said that it was clear that the public, particularly older people, is concerned about rising living costs over the next few month, especially in terms of utility bills, food, and household shopping.
Nevertheless, Britons are divided on how to strike the right balance between saving money and protecting our environment.
Many believe we should try to do both. However, a large minority place cost of living savings as the priority at the moment.
How you can save money and help our environment
Fortunately, consumers don’t have to worry about whether they can save money or do their part for the environment. Myron Jobson, a personal financial campaigner at Interactive Investor, pointed out that the two often go hand and hand.
He said that cutting back on energy consumption can reduce the demand for fossilfuels and, in turn lower the levels carbon dioxide emissions in the atmosphere.
Reduce your standby power is one of the most effective and efficient ways to cut down energy consumption.
It is better to turn the plug off at your wall when your device has been inactive. Uswitch’s research showed that 227m households are wasting their time by leaving appliances on standby.
Mr Jobson then went on to explain a variety of changes that people can make to lower their bills. These include changing to energy-efficient light bulbs, washing clothes at lower temperatures, and draught proofing.
He said that energy-efficient lightbulbs and appliances can help reduce your carbon footprint and provide the same level of light as traditional light bulbs.
The Energy Saving Trust claims that if you replace all of your bulbs with LED lighting, you can reduce carbon dioxide emissions by up 40kg per annum.
This is equivalent to the carbon dioxide you emit by driving your car for around 140 miles.
Jobson also reminded consumers to not wash clothes at extreme temperatures. He said that washing clothes at 30 degrees is just as effective as washing them at 40 degrees.
This will be more beneficial for the environment and cost less per year.
He added: Modern powders are made to work at lower temperatures. Tumble dryers can be too dependent on clothes drying, which can lead to energy waste.
Draughtproofing your home is a great way to save the environment and your wallet. Energy wastage can be reduced by sealing unused fireplaces, cat flaps, and letter boxes.
The goal is to fill in any unwelcome gaps, which are most commonly around doors and windows, chimneys, skirting boards, and other areas that let cold and warm air in and out.
How to concentrate on the present options and not worry about long-term commitments
Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, admitted that it can be difficult to balance saving money and saving the planet.
When buying new appliances, it can be difficult to decide between the most economical option and a more efficient model.
A lot of energy-saving measures, including double glazing, insulation, and smart heating systems, require a significant investment.
Ms Coles pointed out that these will pay off the investment over the long-term, but double glazing could mean that consumers have to wait decades before they can break even.
Ms. Coles did however address a number of other short-term options for concerned consumers.
You can make a decision about things like how often you fill your kettle or how long you take to shower. She said it’s easy to fall into expensive habits without even knowing it.
Make small changes and stop when someone notices. You can reduce costs by turning down the thermostat 1 degree or turning off radiators in rooms that aren’t used often.
Don’t try to do something drastic. Just gradually lower the temperature and turn off the radiators one at a. Your family will know when you feel uncomfortable.
Ms. Coles emphasized the importance of properly using appliances, asking consumers to use dishwashers or washers only when they are full, to use eco cycles at lower temperatures, and to switch the tumble dryer for a heated drying rack.
All of this will help households lower their costs.
She said, “Never leave a room without a window open or a lamp on.”
Although you may need to air a space, it’s much easier to forget to close the window when you leave and let all your heating escape before you come back in to fix it.