Increasing motoring costs may mean consumers are set to give up more than just cash, a new study shows.

Research carried out by price comparison site insurance indicated that a significant number of people are considering searching for work closer to home as a result of surging commuting costs. According to the firm, some 16 per cent of Britons are thinking about giving up their present jobs and seeking a position which is closer to their home. It was claimed that such respondents are increasingly finding it uneconomical to drive to their current place of work on a daily basis. Meanwhile, a quarter of those questioned are choosing to leave their car at home and commute via public transport.

The findings come as it was revealed fuel costs have increased by over a fifth (21 per cent) during the past 12 months. However, further hikes are predicted to take place in the weeks to come.

Due to such rises in the cost of motoring it may also be possible that consumers develop difficulties in managing other areas of their spending. This could include repayments on home loans, credit cards and utility bills.

In an attempt to get to grips with surging petrol costs, it was revealed that about half of motorists are set to cut back on other motor-related expenses. Here, it was stated such consumers will reduce spending on areas such as servicing, car parts and MOTs. This, it was reported, may have “potentially disastrous consequences for car and road safety”. It was indicated that about two-thirds of drivers plan on researching prices offered by various garages in order to get the cheapest fuel possible.

Findings from the firm also indicated that those drivers living in Manchester and Glasgow hold the most concerns about rising fuel costs. On the other hand, Londoners were shown to be least worried about the impact commuting has on their finances. It was suggested that this is because people in the capital are most likely to use public transport on a daily basis and have already had to cope with congestion charges since the introduction of the system in 2003.

Steve Grainger, head of insurance, stated: “The rising cost of fuel is taking its toll on British drivers in more ways than one. Our research highlights the enormous pressure being put on commuters and the wider economic consequences that may lie just around the corner. In the current climate, it’s more important than ever that motorists take stock of their finances and realise the savings that could be made by shopping around for insurance cover.”

Furthermore, 15 per cent are considering downgrading their vehicle, with 36 per cent of respondents considering getting a more fuel-efficient automobile.

Britons looking to purchase a new set of wheels might wish to consider obtaining a low rate personal loan. In doing so, it may be possible consumers can purchase a car quickly and be left with an affordable rate of repayments to make. The financial assistance that a loan provides could also help borrowers take out a comprehensive motor insurance policy, in addition to meeting other car-related expenses.

A loan for the purposes of purchasing a vehicle - in addition to an insurance policy - may also be recommended for consumers wishing to buy a bike. Although getting a bike could be a more cost-effective option for drivers looking to reduce the impact commuting has on their finances, that is not to say that such a form of transport cannot put people under monetary pressure. In a recent study by Halifax it was revealed that a bicycle is stolen once every 65 seconds, costing an average of 337 pounds to replace.

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