A recent study undertaken by the tyre manufacturer Bridgestone has shown that one in six British families were forced to sell their second car in 2011 due to the ever increasing fuel and insurance costs.
The study found millions of Brits who are being impacted by the economic crisis in the UK have to look at new ways to slash their day to day living costs and it seemed that motor vehicles had to become the main focus of belt tightening.
Andy Dingley from Bridgestone UK, who commissioned research on 2,000 families said, ”Rising fuel prices mean that a large proportion of the family wage is spent purely on things like petrol, gas and electricity.
”But with prices increasing faster than the rate of people’s incomes, families are having to make extremely difficult decisions.
”The balancing act for a family nowadays does not leave much room for manoeuvers financially which can have a knock on effect on people’s peace of mind.
”This affects every part of people’s lives – including how and when they drive.”
The report which became available in January 2012 showed that mothers are feeling the pinch the most in regards to the high fuel and vehicle insurance costs and are forced to take some radical measures in order to decrease the family’s bills. Some of these variations mean they are no longer able to afford to do the school run and are choosing to leave the car at home in favor of walking their children to school. Other mothers who wish to continue to drive their children to school are making alternate savings such as cutting back on named brand supermarket items, turning off the lights in the home, turning down the heating or simply just cutting back on indulgent treats for the family.
Some additional facts which came out of the report were
- Nearly half of the people in the poll said they had considered buying a car that uses alternative fuel in order to reduce petrol costs
- Roughly two thirds said they would consider buying electric cars in the future
- Nine out of ten families who currently own more than one car have considered getting rid of additional vehicles in order to cut costs such as insurance, fuel prices and services
- A staggering 70% of people polled advised they were actively cutting down on use their car now than they were a year ago to reduce monthly costs
- 50% of people informed they can no longer fill their petrol tank full of fuel in one go due to the ever-increasing fuel costs
- 25%r of families have considered sacrificing the heating in their home in order to be able to keep their car on the road
The UK government forecasts we will fall back in to recession during 2012 so it’s only a matter of time before even more cash strapped Brits will look at further ways of cutting their living costs.
Rocketing petrol and vehicle insurance prices will most likely prove motoring to be a popular way to try and save money.