One in three Britons resolve to tackle finances in 2024

Britons

As many as 25% of those making a financial resolution plan to spend less, while 16% plan to pay off at least some of their debts

One in three Britons is planning to make a New Year’s resolution to tackle their finances in 2024 — and saving more for a rainy day is the most popular pledge.

25% of those are making a financial resolution plan to spend less, while 16% plan to pay off at least some of their debts.

A further 16% have decided to start shopping around more to get better deals on their household bills, while 15% plan to make a will.

Starting to invest and paying more into a pension are also popular options, as per the poll by Opinium for wealth platform Hargreaves Lansdown.

Women are more likely than men to be planning to spend less (29% vs. 20%) and they also want to save more (37% compared with 28%).

Nevertheless, men are twice as likely to plan to invest for the first time — 18% of men compared with 9% of women.

Making a resolution to save more — and spend less — may prove easier this year than last as the pressure on household budgets begins to ease.

Households went into the New Year in 2023 facing a surging inflation rate of 10.5%. Currently it is 3.9%.

Sarah Coles, head of personal finance at wealth manager Hargreaves Lansdown, says: The last 12 months have taken a serious toll on us all.

Rampant inflation and increasing interest rates have put finances under more pressure than ever, she says.

She says: But the fact a third of us are making a financial New Year’s resolution suggests that for many there is an opportunity to be more optimistic for the year ahead, with wage rates finally increasing faster than inflation.

getting money wise

Welcome! Get your FREE access to EVERYTHING we publish…

Our goal is to show anyone how to make investing profitable. You’ll get our FREE weekly newsletter with latest news and information on investment topics along with special offers. Please take time to read our privacy policy . The information you provide us will be processed in accordance with this.