British consumers reveal their financial plans for next year

Here’s how Brits are getting set to take control of their finances in 2021

Brits managing money

British consumers reveal their financial plans for next year. Source: shutterstock.com

According to Metro Bank, 54% of Brits are determined to start managing money better, rising to two-thirds of 25-34 year old.

Besides, 65% of Brits aim to save more next year than they did this year, and more than half want to spend less. This rises to 79% and 62% respectively among 25-34 year olds.

At the same time, 8% say they are not planning on saving any money in 2021, with people, on average, aiming to save around £4,400 next year.

After saving more and spending less, the most popular finance-related resolutions for 2021 are:

  • Reduce my debt (25%)
  • Get out of debt (18%)
  • Get a better interest rate on my savings (17%)
  • Improve my credit score (15%)
  • Create a personal budget (11%)
  • Keeping a close eye on the festive spending

We’ve reported that nearly 20% of Brits have taken out a credit card to cover the personal cost of the COVID-19 pandemic.

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Tags: UK