A poll of 2,000 adults has revealed that finance-savvy Brits are employing various money hacks to make their money work harder for them.
Eight out of ten Brits have adopted money-saving tactics such as opening saving ‘pots’, and auditing all their subscriptions to eliminate any they don’t use, and help save money. According to a recent poll of 2,000 adults Brits are also having ‘no spend days’, opening bank accounts to take advantage of introductory offers, and reverting to using physical cash to keep an eye on their spending.
Organising direct debits to come out of their accounts on or close to payday is another popular technique. While many also keep track of spending using spreadsheet, mobile banking, or good old fashioned pen and paper.
Merve Ferrero, chief strategy officer at Zopa Bank, said: “As the study shows, consumers want their finances to work harder – more dough with less effort, alongside digital ease and convenience.
“Instead of ease, they’re stuck juggling clunky apps and loyalty to banks that give back next to nothing. While money is tight for most of us, today there are smart moves that can make money go further.”
The brand has launched its new flagship bank account, which aims to offer a simplified customer experience along with appealing rates through its Biscuit account.
To celebrate the launch, it presented an edible and fully functional credit card to food critic Grace Dent.
The study found that these money-saving hacks leave those polled feeling enthusiastic, happy, and comfortable. However, despite the majority adopting approaches to make their money do more for them, many are reluctant to change their ways.
Four in ten have been with their bank for more than 21 years. However, only a fifth of customers believe they receive good value from their account providers, and a similar amount have never considered switching.
The study also revealed that 42 per cent would consider their options if they were offered a better savings rate, while a joining reward would attract 35 per cent.
Merve added: “Cashback on monthly bills and competitive interest on our hard-earned savings can add value at every bite – making life just a little easier.
“As consumers, we want to get the value that we deserve, with less effort.”