Quarter of adults see September as a financial fresh start

Newly commissioned research from TopCashback has revealed that more than a quarter (27%) of adults view September as a bigger money reset than January. In fact, a third (32%) of UK adults believe September is the perfect time to get their finances back on track.

However, despite the desire to reset, the findings reveal a gap between intention and action over this ‘back-to-reality’ period. Just one in ten (10%) UK adults are most likely to review their finances during the back-to-school period in September, compared to one in four (25%) in January. Interestingly, more than two in five (43%) do not review their finances at any specific time of the year. Ultimately, the idea of September as a milestone for financial reset loses its momentum when it comes to action.

A September audit could be well timed, with over a third (36%) of UK adults admitting to typically overspending during the summer months. Almost one in three (30%) also say they usually regret how much they spend over summer, while 34% worry about their finances once autumn arrives.

This feeling rises among the younger generation. Half of Gen Z adults (50%) say they typically spend too much during the summer, with the same proportion (50%) saying they look back on their summer spending with regret. It is therefore perhaps unsurprising that 42% of Gen Z say they are concerned about their finances as autumn approaches. Parents, however, are more likely to welcome the change, with over half (51%) admitting that the return to school brings them a sense of financial relief.

The younger generation appears to have a financial association this time of year, with nearly one in five Gen Z adults (18%) admitting they are most likely to review their finances during the back-to-school period. This is almost double the amount of UK adults as a whole (10%).

Embracing the return to routine that September brings encourages over a third (33%) of UK adults to adopt healthier spending and saving habits. Contrastingly, by September, almost one in four (24%) UK adults say they have fallen out of their budgeting habits established earlier in the year, while the same proportion (24%) say the same about their saving habits.

Additionally, one in ten (10%) say money-saving opportunities such as cashback, discounts, and offers are most important to their spending at this time of year. This rises in Gen Z and Millennials to 16% and 15%, respectively.

Abigail Yearley, director at TopCashback, said:”Years after we’ve left the classroom, this data shows the back-to-school season still inspires fresh beginnings for a large number of us. September’s arrival proves to be an opportunity for many UK adults to get their finances back on track, but turning that motivation into action remains a challenge.

“The good news is it’s never too late to learn how small changes can make a real difference over time. Set realistic goals and check what works best for your budget by building a clear picture of exactly what is coming in and going out.”