Four in ten Brits confess rising everyday costs have prompted them to reassess their spending habits
Brits are including financial goals in their New Year’s resolutions(Image: Getty Images)
Thrifty Brits believe they’ll save more than £2,000 in 2026 by sticking to financial New Year’s resolutions. It comes as four in ten admitted that increasing everyday costs have forced them to reconsider their spending habits.
A survey of 2,000 adults found that the most popular money-saving resolutions include not dining out, cutting back on takeaways, and preparing homemade lunches for work. Others intend to stop purchasing high-end clothing brands or choose to buy second-hand. Some people are using more unconventional strategies to achieve their savings goals, such as exercising with household items to avoid gym memberships or cutting their own hair.
A third of respondents are saving money to build a holiday fund, while nearly half are driven by improved financial stability.
A spokesperson for iD Mobile, which commissioned the research, said: “The New Year is a natural time to make a change or reset, and money is one of the first things people want to get back under control.
“With household budgets under pressure, it’s no surprise Brits are hunting for smarter ways to make their money go further, from smarter shopping swaps to being more intentional with everyday choices.”
However, the research shows these penny-pinching tactics don’t last. It’s estimated that over nine million Brits fail within six months, with nearly one in five giving up after just seven weeks.
Furthermore, 37% admitted they’re likely to have abandoned their financial resolutions by the end of January. Despite this, an optimistic 65% believe January is the perfect month to begin new money-saving habits.
Having a solid New Year’s resolution increases motivation for 31%, whilst 26% said it encourages positivity. A further 21% feel more hopeful by having a definite plan in place.
However, the OnePoll survey also found that 72% feel their money doesn’t go as far as it did this time last year, with many experiencing greater pressure to save compared to previous years.
A quarter have identified areas where they intend to cut costs, for instance, a quarter also believe they’re currently overpaying on their phone bill, with 47% considering switching their mobile deal in the New Year.
The iD Mobile spokesperson added: “Setting clear financial goals at the start of the year can help turn good intentions into lasting habits.
“Taking time to review bills can feel daunting, but it’s often where some of the easiest savings can be found. And by switching to better-value mobile networks, Brits could save hundreds a year on their phone bill alone.”
