Proactive Brits Set Financial Goals for New Year’s Resolutions in 2024

Personal Finance
03.01.2024 09:45 am

As the new year unfolds, Loqbox, a UK-based financial wellbeing business, reveals compelling insights from a survey of over 2,300 of its members, indicating a commitment to financial health among Britons in 2024.

Key findings:

Financial goals to take center stage: A staggering 84% of surveyed Loqbox members express their intent to establish financial goals as part of their New Year’s resolutions, highlighting a shared commitment of UK people to fostering future financial stability.
Proactive approach to credit scores: An impressive 75% of respondents outline specific goals for improving their credit scores in the next year, showcasing a proactive stance toward overall financial health.
Festive spending realities: Despite a majority refraining from setting a budget during the Christmas holidays in 2023, 63% of members admit to cutting back in other areas to accommodate festive spending. The areas most affected include dining out (64%), shopping (50%), social events (46%), and recreation (31%).

Tom Eyre, Co-Founder and Co-CEO of Loqbox, comments: “As we embark on a new year, the insights gathered from our recent survey paint a compelling picture of the financial aspirations and resilience of our members in 2024. Financial goals are being listed as a key part of many people’s New Year’s resolutions, and this dedication speaks volumes about the drive of UK individuals toward achieving financial stability.”

A 2022 study from the UK’s Financial Conduct Authority (FCA) reported that 24% of adults surveyed expressed low confidence in handling their money, while 38% admitted to having low knowledge of financial matters. Meanwhile, an ONS study revealed that 42% of adults expect not to save any money in the next 12 months.

However, a stark contrast emerges when comparing Loqbox members’ optimistic savings goals and overall financial well-being. It found that 83% of members are looking to set savings goals for the upcoming year, and 53% of respondents declared an improvement in their financial well-being since joining Loqbox.

Growing Loqbox usage aligns with a broader trend emerging among Brits relying on modern finance tools to improve their financial situations. Data from a PwC study reveals that the UK’s usage of personal finance apps surged by 71% between 2017 and 2022, with people using budgeting apps as tools to track expenses, set budgets, and improve financial habits.

Tom added: “Our commitment at Loqbox is evident in the transformative impact on our members’ financial lives. While a significant percentage of UK adults express low confidence and knowledge in financial matters, our members showcase a remarkable contrast. Loqbox members are not only setting optimistic savings goals but actively improving their overall financial health. We’re proud to be at the forefront of this positive shift, helping our members take charge of their financial futures.”