Lockdown prompts three-quarters of UK into new financial resolutions

Seventy-seven per cent of UK adults have indicated that lockdown has prompted them to make new financial resolutions for the next three to six months, rising to nine in 10 people aged under 35 (91%), according to AA Financial Services.

The finance provider said its new study suggests months of home isolation and an uncertain economy has created a fundamental shift in people’s attitudes towards money, spending and saving.

The research, conducted among a UK nationally representative sample of 2,110 adults,
revealed that a third of people (35%) plan to increase the amount of money they put away each month.

Another 23% vowed to hold back from dipping into savings for luxuries, while 16% said they would get rid of their credit cards, and 10% would put more money into their pension.

AA Financial Services found that those under the age of 35 were twice as likely (46%) than the over-55s (22%) to put more away in savings than they had done before lockdown.

The under-35s were also those most likely to say they would cut back on luxuries (30%), put more into their pension (13%) and consolidate their debts into a single loan (10%).

“The last couple of months have been very challenging and for many, a period of anxiety and loss,” AA Financial Services director, James Fairclough, commented. “But as we emerge from lockdown, there are signs some positive habits from lockdown will remain. Many people have used the period at home to reflect on their lifestyles and make positive changes for the future.

“For some, the next few months will be a time for a money makeover. The two clear priorities relate to saving more money, to build up a rainy day fund for the future, and to consolidate debts.”

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