Brits expect 2024 to be a very bad year for their household budgets
- One in three (33%) of Brits expect 2024 to be a very difficult year, financially
● 14% have started the year with credit card debt and expect to have a balance to clear throughout 2024
● One in 10 are going to have to ask friends and family for financial help
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.
|
Pos. |
The UK’s Biggest Financial Fears of 2024 |
% |
|
1 |
The rising cost of living |
49 |
|
2 |
Paying my bills |
28 |
|
3 |
Not having enough savings |
23 |
|
4 |
Not having any savings |
29 |
|
5 |
Not saving enough for retirement |
13 |
|
6 |
Credit card and other unsecured debt |
12 |
|
7 |
Not getting a pay rise |
11 |
|
8 |
Not being able to find enough work |
10 |
|
9 |
Mortgage interest rate rising |
9 |
|
10 |
Low income due to falling interest rates |
9 |
|
11 |
Not being able to access benefits/benefits being cut |
8 |
|
12 |
Losing my job |
7 |
Brits resolve to sort out their finances this year
Practically all of the New Year’s resolution-makers surveyed have financial goals for 2024, and the most common goals are focused on cutting costs and reducing debts.
|
Pos. |
The UK’s Top Ten Finance-Focused Resolutions for 2024 |
% |
|
1 |
Save money on outgoings |
36% |
|
2 |
Save more in a deposit account |
28% |
|
3 |
Get out of debt |
26% |
|
4 |
Reduce/stop credit card usage |
20% |
|
5 |
Shop around on my bills (insurance, energy etc.) |
20% |
|
6 |
Buy a house or move home |
14% |
|
7 |
Put more money in a pension |
13% |
|
8 |
Give more money to charity |
13% |
|
9 |
Invest in the stock-market |
13% |
|
10 |
Remortgage |
5% |
With the top money-related resolution being to save money on outgoings, with almost two-fifths (36%) focused on this, budget-conscious Brits have identified the areas where they expect to be able to make savings this year.
|
Pos. |
Most Common Outgoings to Cut in 2024 |
% |
|
1 |
Takeaway meals |
36 |
|
2 |
Clothing, fashion and accessories |
28 |
|
3 |
Groceries |
28 |
|
4 |
Nights out |
23 |
|
5 |
Holidays |
21 |
|
6 |
Socialising |
20 |
|
7 |
Subscriptions |
20 |
|
8 |
Gas and electricity |
18 |
|
9 |
TV (streaming services) |
17 |
|
10 |
Petrol and other transport |
13 |
|
11 |
Credit card and loan repayments |
13 |
|
12 |
Mobile/internet |
9 |
|
13 |
Car insurance |
6 |
|
14 |
Mortgage/rent |
6 |
|
15 |
Home insurance |
?? |
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/savings/money-saving-tips/.
Contact Information
Rubie Barker
Notes to editors
Notes to editors
*Between 1st -4th December 2022, an online survey of 2137 randomly selected Great British adults was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.1%. The results have been weighted by age, gender, region and social grade to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Great Britain. Discrepancies in or between totals are due to rounding.
For further information please contact:
Lynsey Walden on lynsey.walden@futurenet.com, or Kath Chadwick on Kathryn.chadwick@futurenet.com.
About Go.Compare
Go.Compare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. Go.Compare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.
Go.Compare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
Go.Compare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).
More information can be found here www.gocompare.com