New research published today from ClearBank and YouGov – UK consumer attitudes to saving and investing: are providers meeting their needs? – reveals that increasing competition and ongoing economic uncertainty are transforming how Brits manage their money. Nearly two-thirds of those surveyed (64%) are setting aside funds for 'a rainy day' – fuelling financial technology adoption and self-driven money management.

Financial confidence and demand for control

Faced with economic volatility, Brits are seizing control of their finances. Nearly half (48%) of those surveyed say geopolitical tensions have made saving and investing more critical than before. A high number are storing up funds for a rainy day tops savings priorities for 64% of respondents, followed by major purchases (39%) and retirement (36%). Meanwhile, nearly a fifth (18%) now use saving and investing to supplement a regular income.  

Personal financial confidence is also surging with:

·       78% prefer to make their own saving decisions

·       73% are confident in managing their savings

·       29% see professional financial advice as less crucial today

Tech powering change, but trust issues remain

Tech is reshaping the financial landscape, with 72% of those surveyed saying it is key to money management. Yet, rapid tech advancements have also created fresh concerns, with 54% increasingly worried about data leaks or privacy concerning their savings/ investments. Despite this, younger Brits are embracing innovation: over a third (34%) of 25–34-year-olds surveyed would trust AI to manage their investments/savings if it meant lower costs.

Financial priorities today

Nearly three-quarters of savers and investors (71%) are now planning to spend some of their savings/ investments in the next five years. Travel tops spending plans for 39% of savers/ investors in the next five years, followed by home improvements (36%), buying a car (25%), or purchasing a home (21%). Meanwhile, those looking to use savings for a celebration or supplementing an income lag at just 11%.

Competition heating up among providers

While loyalty to existing providers remains strong – with 54% having used their main savings provider and 42% having used their main investment provider for over five years – consumers are increasingly shopping around. With 57% of savers now using multiple providers and 31% of those surveyed planning to open a new savings account this year, there are signs the tide is starting to turn.

In an increasingly crowded space, key priorities for consumers opening new accounts are:

·       Competitive interest rates (60%)

·       Ease of use and accessibility (40%)

·       Brand trust (37%)

·       Zero account or service fees (34%)

The maturing fintech market is playing a clear role in these shifts. While most Brits still bank with traditional providers, 30% of those surveyed would now consider fintech banks for their primary accounts. And this reflects a wider move towards more tech enabled savings and investment platforms, with nearly half (48%) of all people surveyed viewing online savings and investment platforms as the future – a view held by almost two-thirds (63%) of under-35s.

John Salter, Chief Customer Officer at ClearBank, said: “In an era of global economic uncertainty, British consumers are doubling down on savings and investments, with tech transforming how they manage money, and opening doors for newer, agile providers. As the pace of innovation across the financial services sector ramps up, firms must step up if they want to be noticed – delivering on consumers’ demands for competitive returns, fostering greater trust in their providers and providing exceptional user experiences.”