Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

UK adults determined to get on top of their finances in 2021

Samsung Pay Card

A third of those polled prefer to make purchases using their phone rather than cash, as they feel it is a secure way of making a transaction, according to Samsung Pay Card

Two thirds of UK adults are determined to get on top of their finances in 2021 – after spending more time thinking about money than ever before this year.

The study of 2,000 adults found many will do things differently in months ahead, including opting to ditch cash altogether in favour of doing everything via technology.

Just under half of those polled no longer like the idea of touching physical money, and are avoiding it as much as possible.

A further 48 per cent have got so used to conducting their financial business online, they can’t even remember the last time they visited the bank to get cash out.

While almost eight in 10 adults prefer the convenience of doing everything digitally.

A third of those polled, by Samsung Pay Card, simply prefer to make purchases using their phone rather than getting out their purse or wallet, as they feel it is a safer and more secure way of making a transaction.

Teg Dosanjh, director of Connected Services and Technology at Samsung Electronics UK & Ireland, said: The UK population has had to change its entire approach to spending and money management over the last year, particularly during periods of lockdown.

While many have gotten used to these new habits, we understand it can be overwhelming to try new things – particularly when it comes to finance management, Dosanjh said. That being said, it’s great to see people using technology to create a greater level of flexibility and control of their finances.

The study also found 49 per cent of adults wish they had more control over their finances, but currently 15 per cent feel overwhelmed and 10 per cent feel scared when thinking about money.

But three in 10 have never sought advice from anyone about their money situation, while 32 per cent have only spoken to family or friends, rather than a professional.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.