Two fifths of people have previously made financial resolutions and 7% did not manage to stick to them for more than a week, according to a survey by Hargreaves Lansdown
A recent survey has indicated that one in 14 people who embarked on financial resolutions for the new year have abandoned them merely a week in.
It was found by Hargreaves Lansdown that 41% of individuals had made money-minded New Year’s promises, yet 7% let them fall by the wayside within seven days. One in six didn’t keep up their fiscal vows beyond a month, with 78% breaking before the year’s end, revealed the Opinium poll involving 2,000 participants conducted in September.
Conversely, the older generation seems to be fairing better, with two-fifths of over-55s claiming they’ve maintained their monetary goals well past twelve months, hinting at the benefits of perseverance.
Hargreaves Lansdown’s personal finance aficionado, Sarah Coles, commented: “Around a week into the new year and already 7% of financial resolutions hang in tatters, after the optimism that carried us aloft into the new year has been swiftly flattened by the relentless steamroller of reality.
“Success rates vary with age, with 40% of those aged 55 and over having stuck with at least one financial resolution for at least a year – compared to 25% of those aged 35 to 54 and 11% of those aged 18 to 34.
“However, there’s a decent chance this owes more to the fact they’ve had more goes at it than any particular resolve that comes with age. There’s also the chance that older people have had more time to learn from their mistakes, which is something we can all benefit from if our resolutions have fallen at the first hurdle.”
Saving more, spending less, getting on top of finances, paying down debts and starting an investment habit were among the most common financial resolutions for 2025, according to the survey. Ms Coles offered some advice to help people stick to their financial goals, suggesting setting realistic and achievable targets; considering priorities such as paying off expensive debts and having an emergency savings buffer; and perhaps setting a goal a month rather than aiming for a complete transformation.
She further advised that when making spending cutbacks: “Before you give up the things you love, it makes far more sense to give up the things you don’t love at all – like overpaying for your mobile phone or broadband or buying expensive grocery brands.”