19th January 2017 at 5:05pm
It seemed inevitable that the major events of 2016 would have an effect on people’s approach to financial planning and we wanted to get a clearer picture of just how much, so conducted research of our own.
Cause and effect
The results were interesting, they showed 2016 had impacted people in different ways; some were put off making important financial decisions, while others were driven to become more proactive and take greater control, and for many, saving more became their priority as they looked to create a bigger buffer against any potential bad times ahead.
And when we asked “What are your financial goals for 2017?” it seems 2016 still played a key part in your decision making, with the top priority being to “save more than in 2016”.
There was also a certain amount of belt tightening and budgeting going on, however it was not all just about cutting back, people want to enjoy life too and saving for big ticket items like a holiday proved popular.
Here’s the full break down of your top ten priorities for the year ahead…
Weigh your options
So whether you’ve got a more general goal in mind or you’re more specific in your needs, aiming to save more and build a solid buffer is always a good thing, and the start of the year is a good time to make a plan to see how much you can regularly tuck away.
But it’s not just how much you save, it’s where you save that’s important too. So look for the best rates on savings accounts and ISAs, and look beyond traditional savings too, to the opportunities offered by investing.
And don’t just focus on the now, also look to the future. It’s encouraging to see that retirement funding made your list, as legislation has made it much more appealing for us to save towards it.
Commenting on our research, Jamie Jenkins, personal finance expert here at Standard Life said: “By the end of this year, almost every business in the UK will have to provide a workplace pension scheme. That means many more people working for the country’s smallest businesses will be automatically enrolled in their workplace pension, joining over 7 million people who have already made a good start with their pension savings. Everyone should look to make the most of the opportunity that provides.”
Good luck in 2017
Whatever your goal may be, we wish you all the best for 2017, and we’ll be here throughout the year with more news and top tips on how to make the most of your finances.