More than half (51%) of UK adults believe that they have become more competent in managing their finances over the past 12 months.
SmartSave, a Chetwood Financial brand, commissioned an independent, nationally representative survey of 2,000 UK adults, which revealed that due to their financial constraints, nearly half of respondents (47%) have become better at saving in the past year.
When it comes to proactively seeking the best deals, 44% stated that they are actively seeking out high-interest savings products to maximise the returns they get on their savings in the next 12 months. 38% said they are looking beyond the major high street banks when looking for financial products (loans, savings, credit cards, etc).
Over half (51%) now feel confident in how to save and invest their money in the next 12 months.
A similar figure (52%) said they have learned valuable financial lessons through the cost-of-living crisis that will positively impact how they manage their finances in the future.
Andy Mielczarek, Founder and CEO of Chetwood Financial, said:
“The cost-of-living crisis has undeniably been tough on UK households and individuals. While the strong decline in inflation is encouraging, financial planning continues to be an uphill challenge.
“Nevertheless, our research shows that people are proving that positive lessons can emerge from a harsh economy, with many taking proactive steps to protect their savings and achieve their financial goals. This spirited approach will only help individuals get back on track towards achieving their savings objectives.
“It’s also notable that people are exploring novel alternatives to traditional savings options, scouring the market for the best deals. A wise move, as with interest rates still competitive and inflation at target levels, now is the ideal time to secure the best long-term savings deals and optimise one’s financial future.”
