One in four (25 percent) admit that every year they go into the New Year fretting over finances, as a result of January being a long month (53 percent)
Eight in ten (82 percent) Brits say getting on top of their finances is their biggest New Years resolution, with Gen Z and Millennials (95 percent) leading the charge.
In fact, one in four (25 percent) admit that every year they go into the New Year fretting over finances, as a result of January being a long month (53 percent), festive season overspending (36 percent) and hefty bills landing at the start of the year (29 percent).
It’s no surprise that eight in ten (81 percent) are looking for ways to cut back their expenditure, with four in ten (39 percent) planning to set finance goals in the New Year.
The survey, commissioned by Ford Money, uncovered the clever ways Brits intend to cut back and ride the financial storm in 2025 – with cutting back on meals out (37 percent), choosing supermarket own brands (32 percent), using reward cards (31 percent) and hunting for discount codes (29 percent) among the list.
28 percent are planning to unplug all electrical devices when they are not in use, while 17 percent will be clearing out their wardrobes to sell on eBay or Vinted.
Other financial pledges include creating a weekly food budget (17 percent), opting for second hand clothes (17 percent), cancelling streaming services (15 percent), keeping a loose change jar (13 percent) and having a cull of unused app subscriptions (13 percent).
One in six (15 percent) are planning to start a side hustle. Will Davies, Ford Money’s Chief Deposits Officer, commented, “As cost-of-living pressures mount, it’s no surprise that one in three Brits are swapping their typical New Year resolutions to focus on their financial health instead.
With the festive season behind us, January is the perfect time to set out your financial goals for the year. Our free Money Rituals Planner is a great tool to help you set these goals and get a clear picture of your financial situation, which will not only help to ease the stress of unexpected costs but also guide your spending on things truly matters to you.”
Two thirds (61 percent) believe that younger generations are feeling the financial strain the most, while 30 percent believe that it’s affecting everyone.
In fact, 37 percent admit that they struggle to save money, with a further 21 percent confessing that they don’t know where all their money goes.
Unexpected bills and expenses (56 percent) top the list of financial stressors, followed by rising living costs (49 percent), overspending (34 percent) and not being able to save enough (26 percent). 16 percent would like to get better with their finances, but don’t know where to start.
25 WAYS BRITS ARE PLEDGING TO SAVE MONEY IN 2025:
- Cutting down on eating out – 37%
- Buying supermarket own brand food – 32%
- Using club/reward cards – 31%
- Looking out for discount codes – 29%
- Unplugging electrical devices when not in use – 29%
- Putting on an extra layer rather than turning on the heating – 27%
- Shopping around for a cheaper energy tariff – 20%
- Reselling items on eBay, Depop or Vinted – 17%
- Creating a weekly food budget – 17%
- Buying second hand/vintage clothes – 17%
- Cancelling TV subscriptions – 15%
- Starting a side hustle – 15%
- Limiting takeaways to once a week – 14%
- Taking a homemade coffee to the office – 14%
- Keeping a loose change jar – 13%
- Having a cull of apps subscriptions – 13%
- Buying food in bulk – 12%
- Doing ‘no-spend’ days – 12%
- Reducing holidays abroad – 12%
- Planning holidays during off seasons – 12%
- Cycling rather than driving – 10%
- Making bread and other treats – 10%
- Growing your own veggies – 9%
- Home haircuts – 9%
- Home hair dying – 7%