Households are being urged to check their expenses as broadband bills are forecast to rise as by as much as 8.8 per cent this year.
Millions of families are stuck in broadband and mobile phone contracts which will have above-inflation price hikes applied to them.
Research carried out by Hodge Bank found that many Britons are making an effort to avoid these costs by checking their spending and budgeting accordingly.
Britons have struggled to avoid inflation-hiked prices during the cost of living crisis but the proposed rate increases to broadband contracts are significantly higher than the current four per cent Consumer Prices Index (CPI) rate.
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Broadband bills are expected to rise by nearly nine per cent
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Christine Cook, the managing director of retail at Hodge, outlined what millions of customers are likely to face paying this year.
She explained: “As it stands, O2 phone plan subscribers will face the steepest increase at 8.8 per cent while BT, EE, and PlusNet customers will see their broadband and mobile plans rise by 7.9 per cent.
“Conversely, Shell customers will experience the lowest increase at just 6 per cent.
“These proposed increases are set for Spring 2024, potentially costing consumers up to £36 more annually.”
According to the finance expert, many consumers have had to make tough choices in order to afford essential expenses.
Ms Cook added: “Our own research shows that more than 30 per cent of individuals have reduced spending on monthly subscriptions in the past 12 months to cope with rising costs.
“Households can put away spare change from as little as 70p a week to cover these extra costs coming in Spring.
“The real question here is whether UK households are going to switch their current provider ahead of the March 31 to bag a better deal."
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Households may be eligible for social tariffs which significantly reduce the cost
GETTYDespite the pending hike to broadband contract prices this year, many households could be eligible for a social tariff which would slash the cost.
These are deals made available by broadband providers to those who are either on low income or are claimants of means-tested benefits.
Customers can visit media regulator Ofcom’s website to check if they are entitled to a social tariff. Those looking to qualify can enter their broadband provider into the regulator’s social tariff checker.
GB News has contacted Virgin Media O2, BT, EE and PlusNet for comment.