Brits Shown To Have Cost Concerns Over Rising Energy Expenses

With the cost of fuel increasing a number of times over the course of this year, significant numbers of Britons are worried that the pressures that their finances are under are also increasing.

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

Research from the price comparison site show that two-thirds (66.9 per cent) of Britons surveyed report that they are “very concerned” about how they will be able to manage their finances should energy expenses continue to increase. Meanwhile, it was reported that some 29.2 per cent will be a “little worried” about how their ability to get to grips with spending should the cost of fuel continue to go up.

Following on from facing increases in this area of financial demand, it may be that consumers develop further problems with their money management. This could see them struggling to make repayments on loans, credit and store cards, mortgages, household bills and meet transport costs.

On the other hand, just 0.6 per cent of those questioned report that they are not concerned about the prospect of increasing 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 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 exert any control over the amount of tax that the government places on fuel, it is important for consumers to get the grips with the spending areas which they can control. Mr Moss asserted that it is vital people take the time to organise their finances and recognise what areas their money is going towards. By doing so, he claimed that they should make contributions towards essential areas of spending – household bills and mortgage or rent costs for instance – a priority. Meanwhile, less pressing demands on spending, such as magazine subscriptions, may have to be reduced.

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

Those Britons who are worried about their ability to manage their finances in the face of rising energy costs, might wish to consider taking out a debt consolidation loan. By doing so, borrowers could find that they are able to merge numerous constraints on their spending at once leaving them with low-cost monthly repayments. Such a loan could prove to be particularly useful for many after a study by uSwitch revealed that some 4.5 million Britons are currently struggling to heat their homes.

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