29 December 2011
THREE IN FOUR BRITONS TO START 2012 WITH FINANCIAL RESOLUTIONS
Three in four Britons (75%) are planning financial resolutions for the New Year, and it is women (77%) and thirty-somethings (82%) that are most likely to start 2012 with new financial goals, according to investment website rplan.co.uk.
Given the uncertain economic climate, 2011 has been a financial rollercoaster for families across the country, with 40% of full time workers saying their top concern of 2011 was declining monthly disposable income and one in seven adults (14%) saying their household was £500 or more a month worse off in 2011 than they were three years ago.
To get an early sense of how people planned to take steps for the New Year to get their finances in shape, rplan.co.uk asked a GB representative sample of 2,077 adults which financial resolutions they were planning to make in January for the year ahead.
Of those that planned financial resolutions:
- More than one in two adults (56%) said they planned to cut back on their spending. Women were more prone to this than men (59% to 50%) and cutting back spending was also most prevalent among the over 55 age group (60%).
- The second most common resolution was to save more money each month (37%). The research showed an attitude-divide between the young and old with the under 35s top financial resolution focusing on saving, whereas the over 35’s top priority was to cut back spending.
Top 10 financial resolutions for 2012
Cut back on my spending 56%
Save more money each month 37%
Reduce my debts 36%
Look for a better paid job to boost my income 19%
Ensure I have the best insurance cover available 12%
Cut down what I spend on insurance 12%
Shop around financial providers so I pay less in charges 11%
Start/take more action with my pension 9%
Take more control over my investment decisions 8%
Change my bank account 6%
- More than a third of people (36%) said a key resolution was to cut down their debts; 19% said they would prioritise looking for a new job to boost their income and 12% wanted to make sure they had the best insurance cover available.
- Almost one in ten people (9%) said 2012 was the year when they would take more action with their pension and 8% planned to take more personal control over their investment decisions.
- Charges also emerged as an important issue, 11% saying they would shop around among financial providers in 2012 in order to reduce the charges they paid them.
- Financial plans that didn’t make the top 10 included: paying off my mortgage (3%), supporting elderly parents financially (3%), moving house (2%) and taking out life and income protection insurance (3%)
Andy Creak, Managing Director at rplan.co.uk commented: “The last year has presented most adults with a near-impossible juggling act, many trying to make cut backs on a shrinking disposable income, whilst also trying to put money away to support the needs of family members. 2012 will undoubtedly be another tough year but by starting the New Year with plans for positive action, people will start 2012 prepared and putting a plan in place will give many a stronger degree of control. At rplan.co.uk, we have put tools in place to help people work out in real terms how much various plans, such as getting through university, may cost and we encourage everyone to take a close look at the costs and charges involved in the financial products they hold, as this is an area where meaningful savings can often be made.”
For more information, more regional findings or to arrange interviews with rplan.co.uk contact Guy Bellamy:
email@example.com Tel: 07766 775216
The research was conducted by YouGov among a GB representative sample of 2,077 people on 12 December 2011
A new market entrant, rplan.co.uk is a financial planning business. rplan.co.uk helps the 38% of Britons that have no financial plan in place to get back in control of their finances and, for the financially savvy, it connects like-minded people. At rplan.co.uk everyone saves money on commissions that many don't even know they are paying and nobody pays more than £15 per month.rplan.co.uk brings together four essential elements:
- Plan. For each life goal, people can put together a financial plan and keep track of how close they are to achieving it.
- Save money: rplan refunds at least 50% of the ongoing commissions people pay for the investments they hold through the site – a typical saving of £6,334 over 10 years for ISA investors. With rplan people can also check for free the charges they are already paying (www.rplan.co.uk/charges ).
- Analyse: Simple tools and free mobile apps to keep people up to date on their savings.
- Share: In addition to expert commentary, people can share insights and experiences with like-minded people.
rplan.co.uk of 2 Frederick Place, London N8 8AF is authorised and regulated by the Financial Services Authority ("FSA") under reference number 529879. This can be verified by visiting the FSA website www.fsa.gov.uk or by calling 0845 606 1234.
rplan helps you take control of your investments, find the best funds, create financial plans and get support from industry experts and like-minded peers.