Financial management is proving to be something UK adults are paying more attention to according to new research from SmartSave, a Chetwood Financial company. In fact, 33 per cent of respondents believe their own financial management will put them in a better financial position this time next year.
In its independent, nationally representative survey of 2,000 UK adults, the digital bank found that the general consensus surrounding financial situations was positive. Forty-three per cent of the respondents expressed that they were optimistic about their financial situation over the next 12 months.
In addition to own self-confidence surrounding financial management, another reason UK adults have a positive outlook on their financial situation over the next year is because of an expected salary increase (29 per cent). Twenty-nine per cent of respondents also said that making the most of savings opportunities will result in a better financial year.
Just under a quarter (24 per cent) said that they expect their circumstances to improve due to their confidence that the state of the UK economy is improving. Meanwhile, a similar figure (23 per cent) named falling inflation as a factor.
Andy Mielczarek, Founder and CEO, Chetwood Financial
Andy Mielczarek, founder and CEO of Chetwood Financial said: “The past three years have been particularly tough for savers, with soaring inflation, high interest and mortgage rates, and slow wage growth making long-term saving difficult. However, inflation has finally fallen back to target levels, offering a sign of relief for savers.
“Unsurprisingly then, there is some optimism towards the year ahead, and a notable, and positive, theme among our findings is respondents’ confidence in their own financial planning abilities. Indeed, strong financial management and taking advantage of savings opportunities will be key for people looking to take back control of their money as we move away from the high inflationary period.
“More than ever, savers need to take the initiative. With inflation at a three-year low and interest rates still high, there is a prime opportunity for savers to secure the best long-term savings opportunities while they last.”
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