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People targeting a financially prosperous 2012

People targeting a financially prosperous 2012

Category: Money

Updated: 04/01/2012
First Published: 04/01/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Managing finances better and getting into the savings habit are among the most popular New Year's resolutions.

The traditional pledges such as losing weight or exercising more remain in people's thoughts, but 40% of Britons have ambitions to make their money matters better in 2012.

In fact, saving money is a bigger priority for them than spending time with their family, having fun or going on holidays, according to Skipton Building Society.

Perhaps surprisingly, the main group of would-be savers is 18 to-34-year-olds (40% compared to 35% of people aged 35 to 54 and 28% aged 55-plus). The average amount people say they expect to save in 2012 is £2,000.

And 67% of them plan to achieve this by making sacrifices or changing their behaviour, with people aiming on cutting down their outlay on items such as clothes and jewellery.

Figures show that almost a third (31%) hope to improve their financial situation by saving more, 17% by generally managing their finances better, 13% by doing their best to clear unsecured debts and 4% by either paying off or paying down their mortgage.

"It's really encouraging to see that people are planning to get a firm grip on their finances in 2012," Tracy Fletcher, head of corporate communications for Skipton Building Society, said.

"The challenging economic climate continues to bite, and to make it harder for people to both make ends meet and save.

"However, there's no doubt that developing the disciplines of careful budgeting, cutting down on impulse spending and saving - rather than borrowing - for the things we want, makes every situation easier to cope with."

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