With the price of fuel going up a number of times over the last year, significant numbers of Britons are concerned that the pressures that their finances are under are also going up.

In findings by moneysupermarket.com, it was indicated that the cost of petrol has gone through the one pound and ten pence per litre barrier. Meanwhile, the cost of oil was shown as hitting record levels as electricity and gas costs have gone up by 15 per cent since the beginning of the year.

The study from the price comparison site show that two-thirds (66.9 per cent) of Consumers surveyed report that they are “very bothered” about how they will be able to manage their finances should energy costs continue to increase. Meantime, it was reported that some some 29.2 per cent will be a “little worried” about how their ability to get to grips with current expenditure should the price of fuel continue to increase.

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

On the other hand, just 0.6 per cent of those that took part in the study report that they are not bothered 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 occur.

Tim Moss, head of debt for the price comparison site, said: “Customers 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 cost 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 people to get to grips with the spending areas which they can control. Mr Moss asserted that it is important people steal the time to arrange their finances properly and recognise what areas of expenditure that they have. By doing this, he claimed that they should concentrate on contributions towards essential areas of finances - household bills and mortgage or rent costs for instance - a priority. Meantime, less pressing demands on finances, such as magazine subscriptions, may have to be reduced.

Additionally, it was reported that those people who feel that they cannot 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 increasing energy costs, might wish to consider taking out a debt consolidation loan. In doing this, borrowers could find that they are able to merge numerous constraints on their finances at once leaving them with low-cost monthly repayments. Such a loan could prove to be particularly useful for a large number of after a study by uSwitch unveiled that some 4.5 million Britons are currently struggling to heat their properties.

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