3 in 10 Brits are planning to set a money resolution for 2024
Saving money is a top priority for UK residents, new research found.
Around 35 million UK adults are planning to set a New Year’s resolution in 2024, with health and money leading the way as top priorities, research shows.
The figure – which represents 66% of UK adults – has grown from last year when 58% were setting a goal.
In a year that has seen the British public hit by the ongoing cost of living crisis, high inflation and slowing economic growth, it’s perhaps not surprising that residents of the UK want to get a handle on their personal finances.
The annual research by the comparison site finder.com revealed that 3 in 10 Brits (29%) will be making a money resolution in 2024, making it the second most popular category. That’s more than 15 million people hoping to improve their relationship with money next year.
Younger generations are more likely to set a goal for the New Year
Nearly all of generation Z (97%) and most millennials (86%) are committed to making a change in the form of a New Year’s resolution.
Almost half (46%) of generation Z plan to make money a priority for their goals in the new year, while 4 in 10 millennials (41%) will be doing the same.
Meanwhile, less than half of baby boomers (46%) are planning to make any kind of New Year’s resolution, with money a focus for just 16%. Similarly, less than a quarter of the silent generation (23%) plan to make a resolution and only 8% are prioritising money goals.
Those in the younger generations are likely to be more financially insecure, with lower salaries and less in the way of savings and assets, so it is not surprising that taking control of money is a top priority for them.
What New Year’s resolutions could help you save money in 2024?
1. Make a realistic monthly budget
If you want a full overview of your finances, consider creating a budgeting spreadsheet. Don’t stress if you’re not an Excel wizz – there are also budgeting apps such as Plum and Emma, which use Open Banking to analyse your spending habits and work out how much you can afford to save each month, and Monzo which let you allocate your money into different pots.
2. Set a regular savings goal
If you struggle with long-term motivation, break down your savings into achievable monthly or weekly goals. For example, instead of setting a single goal to save £100, you could aim to save £1 per day for 100 days or use an app that automatically rounds up your spare change for you. This gets you in the habit of saving without making too much of a dent in your disposable income.
3. Check your accounts and statements regularly
It can be easy to lose track of your subscriptions, direct debits and standing orders, which could result in you shelling out more money than you need to each month. The start of a new year is a great time to get into the habit of regularly reviewing exactly what you are paying for, and cancel any subscriptions or recurring payments you no longer need.
At the same time, check the interest rates on your current accounts, savings accounts and ISAs. If you can find a better deal elsewhere, be proactive and switch. Interest rates could start to go down if the base rate is lowered, so lock in a good deal while you can! You can also keep an eye out for the latest current account switching offers to make a bit of extra cash.
About the author
Sophie Barber is a content manager for finder.com in the UK and she has over 5 years of experience in writing and publishing informative online articles for a variety of websites. She has a Master’s in English from the University of Exeter and is passionate about creating content that taps into trending topics and helps make personal finance decisions easier.
This article originally appeared on finder.com/uk and was syndicated by MediaFeed.org.
