New research from Metro Bank, conducted by YouGov, has revealed the extent to which people are getting set to take control of their finances in 2021.
When asked about managing their money better in 2021 compared with 2020, more than one in two Brits (54%) agreed they are determined to start doing so – rising to two thirds (67%) of 25-34 year olds.
Two thirds (65%) of Brits also want to save more next year than they did this year, and more than half (54%) want to spend less. This rises to 79% and 62% respectively among 25-34 year olds.
Less than one in 10 (8%) say they are not planning on saving any money in 2021, with people, on average, aiming to save around £4,400 next year.
Committing to New Year, new you
When it comes to committing to a finance-related New Year’s resolution – less than one in five (18%) of Brits say they plan to set one for 2021. This is however a 50% increase on the one in eight (12%) people who said they made a finance-related resolution for 2020, with seven in 10 agreeing they’ve stuck to their resolution so far this year.
Women (21%) are more likely than men (14%) to make a finance-related New Year’s resolution for 2021, alongside three in 10 (31%) 25-34 year olds compared with only one in 10 (10%) over 55s.
After saving more (52%) and spending less (40%), the most popular finance-related resolutions for 2021 are:
- Reduce my debt (25%)
- Get out of debt (18%)
- Get a better interest rate on my savings (17%)
- Improve my credit score (15%)
- Create a personal budget (11%)
Keeping a close eye on the festive spending
If New Year’s Eve 2019 is anything to go by, Metro Bank data shows plenty of customers keeping a close track on their spending and account balances during the festive period. There were more than 400,000 logins to the Metro Bank mobile app on New Year’s Eve 2019.
The bank’s mobile app data also reveals:
- 230,000+ logins on Christmas Day 2019 – with between 11am and 1pm the most popular time to login
- 320,000+ logins to the Metro Bank mobile app on Boxing Day 2019
- 330,000+ logins on New Year’s Day 2020
Jo MacDonald, Director of Bank Accounts & Deposits at Metro Bank, says: “We all love to start the New Year afresh and probably never more so than now, as we bid farewell to the challenges of 2020. It’s great to see from our research how many people want to start managing their money better in 2021. A bit of time spent on finding the provider that best meets your banking needs and delivers great service will be time well spent as people get set for the year ahead.”