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.