Spending and saving in 2015

spending and saving


MoneyPlus Features Team

9th March 2015 at 2:34pm

Spending and saving in 2015

A snapshot of the UK’s personal finances

A recent study conducted on behalf of Standard Life set out to take a snapshot of UK adults’ personal finances and identify how they felt about their financial situation in 2014.

Nearly one in two UK adults made a New Year’s resolution to improve their finances this year, so how do they envisage their spending and saving habits changing in 2015?

38% of adults in the UK do not have a pension

  • 1% of 55+ plan to start a pension this year
  • 6% of 18-54 plan to start a pension this year
  • 22% plan to save more in 2015
  • 5% plan to invest in 2015
  • 43% feel comfortable about their money situation in 2015
  • 33% feel worried and nervous about their money situation in 2015
  • 15% feel happy and optimistic about their money situation in 2015
  • 60% feel on top of their personal finance management

10% aged 55+ plan to take money out of their pension

  • 2% plan to increase their pension contributions
  • 45% plan to maintain their pension contributions
  • 1% plan to reduce their pension contributions
  • 3% plan to pause their pension contributions

63% of UK adults feel they currently don’t save enough, but only 22% of those surveyed plan to save more

19% plan to cut day-to-day costs – the top 3 most popular ways being:

  1. 25% – by buying less clothes
  2. 28% – by eating out less
  3. 30% – by shopping in discount supermarkets

Big ticket items for 2015

  • 36% plan to pay for a holiday
  • 16% expect to pay off debt

53% plan to pay for this from their savings while 18% say they can afford to do this with their salary alone.

Financial outlook for 2015

25% expect to be financially worse off in 2015 while 19% expect to be financially better off during the same period.

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