A recent survey reveals that nearly half of Brits expect 2025 to be a financially challenging year
February 2025 - Financial Services
A recent survey reveals that nearly half of Brits expect 2025 to be a financially challenging year: A recent survey has highlighted Briton’s biggest money concerns for 2025, with just under half of those polled (45%) anticipating a difficult financial year ahead.
The research, conducted by Go.Compare Money surveyed a random selection of UK adults between the 2nd and 4th of November 2024 to better understand their perceptions of their personal finances and their financial concerns for the coming year. The escalating cost of living, insufficient savings, and the burden of monthly bills were the top financial worries cited by survey participants, with slightly more women than men (47% vs 43%) admitting they were expecting 2025 to be a bad year financially.
Although the top 3 concerns mentioned overall by respondents were the rising cost of living (46%) followed by a lack of savings (30%) and paying bills (22%) there were different financial priorities across age groups and varying levels of optimism across different parts of the country. For instance, while over a quarter (26%) of respondents aged 55 to 64 said saving for retirement was a top financial worry, for 18-24-year-olds, being able to pay their mortgage was their top financial concern for 2025.
Londoners were the least pessimistic about coping financially in 2025 with two-thirds (66%) expecting a good year financially. Northern Ireland (63%) and Newcastle (63%) were also optimistic about coping in the year ahead. In contrast, 50% of respondents in the South West reported that they expected 2025 to be a bad year, followed by people in the South East and East Midlands (49%) and people in Wales (48%).
Matt Sanders, money spokesperson at Go.Compare commented: “The New Year is a great time to sit down and evaluate your finances. Take a look at what you are paying for - is there anything you don’t use anymore? Can you shop somewhere cheaper for groceries? Are you spending too much on lunch? With so many people worried about what 2025 will have in store for them financially, taking a look at your current outgoings and where you can make some savings is always a good place to start."
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