WE ARE FINANCIALLY ‘MORE SAVVY’

Getting more financially savvy and sorting out finances is high priority for most people, according to e new survey by Standard Life and shared by Clarke Nicklin Financial Planning’s Scott Herbert, who report that “Britons are determined to become more financially savvy about their saving and spending habits this year, with three quarters (76%) of adults admitting they are prepared to moderate their lifestyle”.

Saving tops the list …

Showing that sorting out our finances is high on our list, nearly half of adults (46%) made a money-related New Year’s resolution at the start of this year. Topping the table is saving more – nearly a quarter (22%) of adults plan to save more this year, and one in five (19%) hope to cut day-to-day costs.

Less than a third of people (28%) are currently happy with the amount of money they save. However, a quarter of adults (26%) are not currently saving at all despite thinking they should, while 37% don’t save as much as they think they should.

‘Big ticket’ spend

Despite the increased focus on saving, 65% of adults are still planning a ‘big ticket’ spend at some point this year. Over half of these people (53%) are expecting to cover the cost from their savings, while 27% plan to cut back on day-to-day spending to afford these bigger buys.

All figures are from research conducted by Vision Critical on behalf of Standard Life in January 2015. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

Clarke Nicklin financial planning is a trading name of CNFP LLP, a Ltd Liability Partnership registered in England and Wales No.OC324909. CNFP LLP is an appointed representative of Lighthouse Advisory Services Ltd which is authorised and regulated by the Financial Conduct Authority

For more information call Scott Herbert 0161 495 4700 pensions@cnfp.co.uk  www.cnfp.co.uk