El Segundo, CA (PRWEB) March 09, 2013
During Daylight Savings time, people set their clocks one hour ahead in order to have more daylight and save money on energy expenses. Every year, Americans infamously complain about losing an hour of sleep during Daylight Savings weekend. However, the newest report from GoBankingRates.com reveals that it’s not the loss of sleep people should be worrying about; it’s the hit against their savings goals.
The Daylight Savings time-change was discussed as far back as the 1700s, but wasn’t officially implemented until the 1910s. The original purpose of the practice was to provide more daylight in the evening hours and thus help people save money on energy costs. However, in their new report, GoBankingRates investigates the accuracy of this centuries old idea and finds that Daylight Savings may actually be costing people money instead of helping them save.
Jennifer Calonia, editor of GoBankingRates notes, “Sure, conserving energy through Daylight Savings was once a best practice to cut down on electricity costs, but in today’s advanced technological age, there are more complicated implications we need to consider.”
For questions about this report or to schedule an interview with a GoBankingRates editor, please use the contact information below.
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.
Jaime Catmull, Director of Public Relations
Source: California Energy Commission, Effects of Daylight Saving Time on California Electricity Use.