New research from Go.Compare has found that the financial hangover of last year is set to last throughout 2024 for millions of people.
Go.Compare’s latest New Year’s Resolutions Tracker has uncovered the nation’s biggest cash flow concerns, and the steps Brits will be taking to regain control of their outgoings.
The comparison website’s survey of over 2,000 UK adults reveals that a third (33%) anticipate 2024 to be a very difficult year for their finances, with debts and bill payments among people’s main concerns, with the rise in the cost-of-living topping the list of financial fears in 2024.
A further 14% of Brits have carried credit card balance over from 2023 and expect to have this debt for the entirety of this year, and housing costs are also a significant worry for many people as 10% of tenants and one in fourteen homeowners are worried about keeping up with their rent and mortgage payments.
These anxieties will see almost one in 10 people turning to friends and family for financial support.
|The UK’s Biggest Financial Fears of 2024
|The rising cost of living
|Paying my bills
|Not having enough savings
|Not having any savings
|Not saving enough for retirement
|Credit card and other unsecured debt
|Not getting a pay rise
|Not being able to find enough work
|Mortgage interest rate rising
|Low income due to falling interest rates
|Not being able to access benefits/benefits being cut
|Losing my job
Matt Sanders, head of money at Go.Compare, commented:
“Our research shows that a significant portion of the population are grappling with their finances, from managing household debts to meeting basic living expenses. It’s particularly concerning to see such high levels of apprehension about credit card balances, rent, and mortgage payments, which are fundamental aspects of financial stability.
“However, it’s encouraging that most Brits are taking steps to cut costs and reduce debts. This shift towards more prudent budgeting is essential for financial well-being.
“As a minimum, people should look at their outgoings and cut what they no longer need – for example, subscriptions and memberships that aren’t being used – and identify opportunities to reduce the cost of essential services and debt repayments.
“For example, switching to an interest-free credit card, shopping around for better-value insurance, or refinancing expensive debts can free-up hundreds of pounds.
“But most importantly, if you are concerned about any debts or outstanding balances, contact your provider about a payment plan. Banks, lenders and other suppliers are more likely to be able to help you if you speak to them as soon as possible. You can also contact a debt charity, such as the Money Helper (formerly the Money Advice Service), who will help you make a plan to get debt free.”
For more information about reducing outgoings and other practical money saving guidance, visit: https://www.gocompare.com/
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