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:
- 25% – by buying less clothes
- 28% – by eating out less
- 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.