– Ros Altmann, director-general of Saga
We are still to feel the full effects of the latest price rises so energy costs are likely to put even more of a financial strain on households in 2013.
While incomes have increased in the last seven years, they have not kept pace with the rate that energy and fuel costs have risen, meaning that people are spending more of their income on fuel.
"This is especially true for older people who are often on lump or fixed incomes or whose savings income has fallen.
Since 2005, older people have seen their energy bills more than double. Research from Saga has found that the over 65s spent an estimated £17.4 billion on electricity and fuel bills in 2012.