The threat of redundancy also looms large for many, yet huge numbers of people still don't have a financial safety net in place, giving them even more cause for concern.
Clare Francis, consumer finance expert at MoneySupermarket, said: "Over the past 12 months, UK households have experienced a sharp increase in the cost of living with rising fuel, petrol and food prices having a major impact on the financial state of the nation, so it is no surprise that they make up the main financial concerns for the year ahead.
"Although we have already seen signs that the rate of inflation is set to slow down in 2012, these costs still remain high and they represent a large proportion of everyday household expenditure."
Here, we look at some of our biggest financial fears, and what you can do about them, as well as some of the best places to build an emergency savings fund...
Utility bills
The Big Six suppliers may have announced price cuts in recent weeks, but the small reductions they have made are cold comfort to millions of people who are struggling to make ends meet.
Research by MoneySupermarket found that consumers are 10 times more concerned about the cost of utility bills this year than they are about meeting their monthly mortgage payments, with more than four in 10 adults saying this was their biggest financial worry.
To make sure you aren't paying more than you need to for your gas and electricity, check you are on the most competitive tariff possible and switch if necessary.
First Utility's iSave v9 product is currently the best value tariff across all 14 UK regions. Bill payers who have never switched from the traditional energy provider for their region - known as the incumbent provider - living in the east of England for example, currently pay around £1,307 a year on a standard tariff paying quarterly by cash or cheque. Switching to First Utility iSave v9 would reduce their bills to £1,005 per year - a saving of £302, or 23%.
Go to our energy channel to compare prices and find out how much you could save.
Food
If your grocery costs are giving you a headache, then it's time to make a few changes. MoneySupermarket research found that 34% of us worry about steep food bills, but there are things you can do to keep costs down.
If you stick with the same supermarket all the time, try switching to another one to see if you can make savings. The site mysupermarket.co.uk can help you to compare the different supermarkets' prices.
You should also switch to cheaper brands wherever possible, and always go shopping armed with a list so that you aren't tempted to make expensive impulse purchases.
Petrol
Petrol prices are a major concern for more than a third of us, so try to use your car as infrequently as possible. Check the website petrolprices.com to see where the cheapest fuel is in your area.
Driving more efficiently will be good for your wallet as well as the environment as you will find that your car uses up less petrol.
That means accelerating smoothly and keeping unnecessary gear changes to a minimum. You should keep your car as light as possible too, for example by removing your roof box when not in use, to help reduce drag.
You can also use cashback cards to help bring the cost of refilling your car down.
The American Express Platinum Cashback card, for example, offers an introductory bonus of double cashback at 2.5% for your first three months, up to a maximum of £100. You will then receive a simple 1.25% flat rate on every full £1 spent per purchase. The card has an annual fee of £25 so it will only be worth having if you take full advantage of the available cashback.
Make sure you pay off your balance in full each month though, as the card has a representative annual percentage rate of 18.5% (variable) which includes the annual fee.
Redundancy
Thousands of people have already lost their jobs this year, and many more are likely to become unemployed in the months to come as government cuts kick in.
Yet despite the fact redundancy is one of our biggest fears, the latest Aviva Family Finances Report shows that people are saving slightly less each month than they were this time last year.
The typical amount saved on a monthly basis has fallen slightly from £22 in January 2011 to £21 this month - having peaked at £34 in August last year. Furthermore, 42% of families are now saving nothing on a monthly basis, compared to 40% in January 2011.
Having a savings buffer in place is essential if you want to ensure you will be able to meet your financial commitments in the event that you are no longer working. You should try to build up at least three to six months' income in an easy access account, and if you are worried about being able to afford to save, even putting away a few pounds a month is a good start.
Plenty of accounts accept small deposits. Santander's eSaver Issue 4 account, for example, pays 3.10% before tax on a minimum investment of £1, although this rate includes a steep 2.60% bonus for the first 12 months so you will need to move your money once this disappears. This account allows unlimited withdrawals.
Another option is ING Direct's Savings Account which pays 2.90% annual interest before tax again on a minimum investment of £1. This rate includes a 2.36% bonus for the first year.
If you want an account without a bonus, then the Virgin Easy Access E-Saver account pays 2.85% on £1, making it the market-leading online 'clean rate' account.
If you're lucky enough to have already built up some emergency savings, but they are languishing in a low-interest paying account, you may want to consider moving them to West Bromwich Building Society's Direct Bonus Account 3. This can be opened with a minimum investment of £10,000, and pays an impressive 3.13% annual interest before tax. Savers with balances that fall below this level will earn a much lower rate of 1.75% a year.
The rate includes a 1.38% bonus until February 28 next year, so again you may want to move your money when this goes. It's also worth bearing in mind that only four withdrawals are allowed from this account in any one year. If you make any more than this, you will be charged 90 days' interest on the amount withdrawn.
Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.We're free, independent and compare all UK credit cards, as well as offering exclusive deals you can't get anywhere else. Contact MoneySupermarket.com at Moneysupermarket House, St David's Park, Ewloe, Flintshire, CH5 3UZ. © Moneysupermarket.com Ltd 2011.
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