According to new research by GoCompare, only 43% of consumers will start the new decade with their finances in good shape.

Younger adults are the least optimistic about their finances.  Just 29% of 18 to 24-year olds and 26% of 25 to 34-year olds feel they are in good order.  In stark contrast, over half of 55 to 64-year olds and 68% of those aged 65 and over will start 2020 with their finances in fine fettle.

Over a third (35%) of people surveyed said they really need to reduce their outgoings in 2020.  Areas people will look to make savings include grocery bills, TV subscription services, energy bills and car and home insurance.

Rank Outgoing/bill % looking to reduce
1 Food shopping 50
2 TV subscriptions (Sky, BT, Netflix, Amazon) 32
3 Household energy (gas and electric bills) 30
4 Mobile phone costs 19
5 Petrol and other transport costs 18
6 Internet and home phone costs 17
7 Direct debits and subscriptions 17
8 Car insurance 14
9 Credit card and loan interest 13
10 Home insurance 11

Commenting on the research, Lee Griffin, CEO and a founder of GoCompare said “The New Year is often the time when we reflect on things we want to achieve or behaviour we want to change.  It is the time that many people get stuck into the home admin with renewed energy.  As a result, we always see a spike in switching activity in January as more people shop around for car and home insurance.”

“The research shows that over a third of people are starting the new decade really needing to make savings. The good news is, there’s a relatively easy and pain-free way to change your finances for the better, one which allows you to get the same goods and services – but just pay hundreds of pounds less for them.”

“Using a comparison site like GoCompare, enables you to shop-around for the best deals on your insurances, credit cards and other financial products.  If you’ve never changed providers or haven’t done so for a while, the savings can be significant.  Providers constantly review their pricing so, even if you think you’re currently getting a good deal, it’s worth regularly shopping-around – just to make sure.   For example, customers shopping around with us could save up to £240 on their car insurance and just under £103 on their home insurance.”