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Financial resolutions proven popular

Financial resolutions proven popular

Category: Money Saving
Author: Lieke Braadbaart
Date: 10/08/2018

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 It is now over 6 months old so the content may be out of date.

A recent survey has revealed that of the 68% of UK adults planning to make a new year's resolution, 40% will be focusing on adopting better financial habits. The main reason for this, Sottish Friendly has found, is the ongoing economic uncertainty as the UK prepares to leave the EU.

Worrying times

Indeed, the uncertain economic impact of leaving the EU is at the top of the list of worries for 38% of survey respondents. Meanwhile, 33% worried most of all about stagnating wages, 32% about energy prices, 30% about changes in inflation and 28% about changing interest rates.

All of these financial concerns are why 44% are set to focus on spending less of their hard-earned money, with 42% planning to put more into savings and investments. One in three (33%) are furthermore aiming to find better deals on household bills, with the same proportion aiming to reduce personal debt and levels of borrowing.

A further 18% are going to try and improve the returns from their current savings/investments, yet only 7% plan to open, or switch to, an investment ISA. In comparison, 27% are aiming for a short-term boost in their finances by selling unwanted Christmas gifts.

Improving finances

Those who are looking to save (more), as well as those who want to get more out of their current savings, could of course switch to a Best Buy savings account. The longer you choose to put your money away, the better the rate, so those with an already healthy pot might want to look at a fixed term bond. Those looking to squirrel away small amounts every month, on the other hand, might find a regular savings account the ideal candidate for a new savings pot.

Bear in mind, though, that 36% of the 85% of respondents who said they've made new year's resolutions in the past stuck to them for only a month, with just 6% previously maintaining their resolutions for longer than a year. So, while doing things such as switching energy providers could have a long-term benefit to your wallet, remember to put that extra money aside in a dedicated savings account, or you may end up spending it all on fancy cups of coffee instead.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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