Millions of households have been warned they could be up to £449 worse off from October. Next month i.e. October 2024 will bring a raft of money changes in the lead up to winter.

October marks the time when the Government begins to dish out winter support, while energy bills are going up. It will make for a turbulent time for the finances of families up and down the country and it’s important people are aware of what’s coming and how they will be affected.

In October 2024, several important financial changes in the UK could impact household budgets:

1. Energy Bills Increase: Of gem has raised the energy price cap by £149 per year, making the average household’s annual energy cost £1,717 from October to December 2024. This increase primarily affects those on standard variable tariffs, with additional costs for gas and electricity consumption​. Energy bills will be increasing by £149 for the typical household from October. On top of that, around 10 million pensioners will no longer get Winter Fuel Payments, worth up to £300, after they were made means-tested by the Government.
2. Winter Fuel Payments: Previously available to all pensioners, Winter Fuel Payments will now only be provided to those receiving Pension Credit and other specific benefits. This may leave millions of pensioners without this support​.
3. Warm Home Discount: The scheme offers a £150 reduction on energy bills for eligible pensioners and low-income households. It runs from October to March, with energy providers determining when the discount is applied​.
4. Household Support Fund: Local councils will extend the Household Support Fund to assist with cost-of-living pressures, offering financial aid for essentials like food and utilities. Some councils may start offering this support in October​.

These changes could significantly affect household finances, especially for low-income and vulnerable groups.

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