Brits Shown To have Cost worries Over Rising Energy Expenses

With the cost of fuel increasing several times over the last twelve months, significant numbers of Britons are worried that the pressures that their finances are under are also increasing.

In a study by moneysupermarket, it was shown that the cost of petrol has exceeded the one pound and ten pence per litre barrier. However, the price of oil was shown as hitting record levels as electricity and gas costs have gone up by 15 per cent since the start of 2008.

Research from the moneysupermarket show that two-thirds (66.9 per cent) of Britons surveyed report that they are "very concerned" about how they will be able to cope should energy expenses continue to increase. Meantime, it was reported that a little under 30 per cent will be a "little concerned" about how their ability to get to grips with finances should the price of fuel continue to go up.

In addition to facing increases in this area of financial demand, it may happen that people develop further problems with management of their finances. This could see them struggling to make repayments on loans, credit and store cards, mortgages, domestic bills and travel costs.

On the other hand, less than 1 per cent of those that took part in the study report that they are not worried about the prospect of going up fuel costs. An estimated 3.4 per cent think that they will be able to cope should this financial burden worsen, although they would prefer for this not to take place.

Tim Moss, head of debt for the UK price comparison site, said: "Brits are being stretched to breaking point as our poll of moneysupermarket users shows. Rising fuel prices are a massive issue right now, in much the same way as they were during the fuel protests of eight years ago. Leading economists have been telling the government it can afford to drop the price of petrol by nine pence per litre without having any effect on its bottom line. People are really starting to suffer and need help urgently."

He added that as the public is "powerless" to exercise any control over the amount of tax that the government places on fuel, it is important for people to get to grips with the spending areas which they do have control over. Mr Moss asserted that it is important consumers take the time to organise their finances and recognise what areas of expenditure that they have. By doing so, he claimed that they should concentrate on contributions towards essential areas of current expenditure - household bills and mortgage or rent costs for instance - a priority. Meantime, less significant demands on spending, such as magazine subscriptions, may have to be reduced.

Additionally, it was reported that those consumers who feel that they are unable to get to grips with their finances by themselves should obtain independent guidance from the likes of the Buyer Credit Counselling Service and Citizens Advice.

Those Britons who are concerned about their ability to cope in the face of rising energy costs, might wish to consider taking out a cheap consolidation loan. By doing this, borrowers could find that they are able to merge numerous constraints on their current expenditure at once leaving them with low-cost monthly repayments. Such a loan could turn out to be particularly useful for a large number of after a study by uSwitch indicated that some 4.5 million Britons are currently struggling to heat their properties.

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