Brits are cracking down on their personal finances, according to recent survey

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23rd January 2018 17:11 - Financial Services

Brits are cracking down on their personal finances, according to recent survey

Brits are cracking down on their personal finances, according to recent survey: Based on the responses of 2,002 UK adults, three quarters of Brits said they felt optimistic about their personal finances, with many opting to save rather than spend this year.

When asked about their views on the outlook of their personal finances, only a quarter said they felt negative about their personal finances, compared to the other three quarters.

Those who remain optimistic estimate their disposable income will increase –on average - from £345 to £360 (3%) and 29% are expecting a pay rise.

Of those who had a negative outlook, the most popular financial concerns were:

·       Increase food prices (62%);

·       Household bills (54%);

·       Weakened British pound (38%);

·       Brexit (30%).

Due to economic uncertainty, Brits are becoming savvier with other expenditures by looking for better deals (25%) or budgeting in advance (22%).

In addition, over one quarter (26%) of those surveyed said they are planning to spend less on takeaway treats, as well as other eateries (24%) and pricey grocery goods (21%).

Alternatively, others are choosing to save for the future, with a quarter of adults putting funds away for holidays, retirement funds (15%), or properties (10%) – saving an average of £221 per month.

In addition, this year’s spending priorities for many Brits include holidays (39%), house renovations (16%), paying off debt (19%).

Commenting on this year’s potential financial outcome, senior director of marketing at VoucherCodes, Paul Lewis, said:“As prices on day to day expenditure continue to rise, we expect to see a rise in Brits shopping around to try and get the best deal for themselves, or indeed making sacrifices and cutting down on smaller indulgences like takeaways and daily coffees to help save up for bigger expenses like holidays.”

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