Credit, Collections & Insolvency News
New research from Go.Compare has discovered the UK’s top five financial concerns as we start the new year, with spending less on outgoings and saving into a deposit account topping the table.
More than 2,000 UK adults were surveyed by the comparison site and found that 58% of those questioned admitted they were anticipating a difficult year financially, with nearly three-quarters (72%) of those aged 55 to 64 expecting to feel the pinch most, out of all age groups.
Those aged between 18 and 24 were the most optimistic about their finances for 2023, with 68% saying they anticipated a good year financially.
The UK’s top five financial resolutions:
Those aged between 25 and 34 had the most financial concerns overall for 2023. In this age group, 40% were looking to cut back outgoings, while a third admitted they were seriously concerned about their finances, compared with 25% across all age groups. Fourteen percent of Brits aged between 25 and 34 also said they were concerned about going into mortgage arears in 2023.
According to the study, it seems that the youngest generation are most likely to plan for the future, with 26% looking to save – the highest out of any age group. Those aged between 18 to 24 are also the most altruistic, with a quarter looking to give money to charity in 2023 – again the most out of any group surveyed.
Matt Sanders, Head of Money at Go.Compare, said “It is really concerning that so many people are fearful of the year ahead financially. The cost-of-living crisis is having a real effect on people’s mental health, with our survey showing that many of us are seriously worried about what the next year has in store.”
“But it’s great to see that the younger generation are looking to save some money, as well as give some to charity – at a time when they will also be feeling the pinch.”
“January is a great time to sit down and have a good look at your finances. What are you paying for that you don’t use and don’t need, can you shop somewhere cheaper for groceries, can you take your own food to work for lunch, do you need that additional TV streaming service? While you may only save a few pounds here and there, in the round they could add up to a substantial saving.”
