28 December 2017
After Auld Lang finishes and the empty champagne bottles go in the recycling bin, people will start turning their attention to setting their New Year resolutions. According to research by wealth manager Brewin Dolphin1, money matters are firmly on people’s minds, with more than one in three (35%) people saying they will make a New Year’s financial resolution, yet only one in eight (13%) will seek financial advice in 2018.
The poll of more than 3,500 UK adults found the most common money goals are: putting more money into their savings accounts (21%); paying off their credit cards or loans (17%); and starting a regular savings habit (15%). Some people also plan to reduce their household expenses by switching energy suppliers and insurers (9%).
Liz Alley, Head of Financial Planning Operations at Brewin Dolphin, commented: “It’s clear that when people have finished celebrating 2017 and the sore heads have cleared, that many are planning to put themselves on a financial diet to save the pounds and pence in 2018. While it’s encouraging to hear that one in eight people see a financial planner at least once a year, those looking to go on a financial detox could consider seeking professional advice to make the most of their money – especially if they have clear goals in mind.”
Clear goals in mind
Many are planning to save or invest in the year ahead, with clear goals in mind. Four out of ten (38%) people are saving for a holiday, one in 10 are putting money aside for a new car (11%) and the same number (11%) are tightening their belts so they can financially help their children. A further one in 10 (10%) are saving for a deposit for a house.
However, one in seven (14%) are thinking long term and investing for their retirement, and one in 13 (8%) are saving for later life care.
Others are keen to set a financial plan (7%) and use all their ISA allowance (6%) in the year ahead. While some (6%) say they want to more actively manage their investments in 2018, one in 20 (5%) people say they want to start investing – perhaps recognising that they need to start making their money work harder for them in 2018.
Most people acknowledge that they may need help if they want to change their money habits in 2018. While some people turn to their mum (12%), dad (9%) and friends (8%) for advice, six out of ten (62%) say they’ll do their own online research in order to achieve their financial goals in 2018.
The poll also found people have some familiar goals on their New Year’s resolutions list for 2018. For instance, losing weight (26%), exercising more (25%) and travelling (15%) are all activities that many people want to do in 2018. Other common goals include: getting organised (12%); spending more time with family and friends (11%); and learning a new skill (9%).
An ambitious one in 10 (9%) people have set their sights on getting a pay rise or a new job (8%) in 2018.
ENDS
NOTES TO EDITORS
1Opinium surveyed 3,500 UK adults online between 8th and 13th December 2017. Results have been weighted to reflect a nationally representative audience.
PRESS INFORMATION
For further information, please contact:
FTI Consulting: brewindolphinconsumer@fticonsulting.com / Tel: (0)20 33195642
Richard Janes: Richard.Janes@brewin.co.uk / Tel: (0) 20 3201 3343
Sian Robertson: Sian.Robertson@brewin.co.uk / Tel: (0) 20 3201 3026
About Brewin Dolphin
Brewin Dolphin is a UK FTSE 250 leading provider of discretionary wealth management. With £40.1* billion in funds under management, it offers award-winning personalised wealth management services that meet the varied needs of over 80,000 account holders, including individuals, charities and pension funds.
We give clients security and wellbeing by helping them to protect and grow their wealth, in order to enrich their lives by achieving their goals and aspirations. Our services range from bespoke, discretionary investment management to retirement planning and tax-efficient investing. Our focus on discretionary investment management has led to significant growth in client funds and we now manage £33.8* billion on a discretionary basis.
In line with the premium we place on personal relationships, we’ve built a network of 29 offices across the UK, Channel Islands and Ireland, staffed by qualified investment managers and financial planners. We are committed to the most exacting standards of client service, with long-term thinking and absolute focus on our clients’ needs at the core.
*as of 30 September 2017