1 in 10 scrap savings resolutions within a month
It seems keeping a New Year’s resolution to save money is as hard to maintain as going to the gym or giving up a guilty pleasure.
Research* from Leeds Building Society found 10% of people who didn’t reach their savings goals in 2018 had failed by the end of January.
Two-fifths had failed to reach their goals by the end of March and 43% of respondents had quit by the mid-point in the year.
Being unable to afford to save (38%) was the leading reason why people fell short of their target in 2018, followed by having other priorities (32%) and an unexpected life event causing a change in plans (22%).
However, despite all of the barriers people faced this year, 77% of the people surveyed said they achieved their savings goals for 2018.
Jaedon Green, Director of Product and Distribution at Leeds Building Society, said: “It’s fantastic that so many people managed to reach their savings goals in 2018 in spite of challenges and changing circumstances.
“Even though some people didn’t hit their goals for the year it’s positive to see so many set out with good intentions as developing a savings habit is something we’d encourage in everyone.
“As with many other New Year’s resolutions you’re more likely to succeed if your goals are realistic and if you fail at any point it’s important not to give up completely, but to persevere.”
The majority of people will be starting 2019 with a new list of savings resolutions, with 55% looking to build their nest egg, 14% looking to save for a life event such as a wedding and a further 14% increasing savings by investing in stocks and shares.
Just over a fifth (21%) said they have no financial plans for the new year.
Overall, people are confident about achieving their financial plans in 2019, with 54% remaining ‘very’ or ‘quite’ optimistic they will meet their targets.
Jaedon added: “It’s our mission to help people save and have the home they want. To achieve this we work hard to understand savers and develop products that will help them reach their financial goals.”
Notes to Editors
*A survey, which was undertaken in December 2018 sought the views of 584 people across the UK.
Leeds Building Society was named Best Building Society Savings Provider in the Moneyfacts Awards for 2018, having also won this title in 2016 and 2017.
Leeds Building Society operates throughout the UK and in Gibraltar and has assets of £19.5bn at 30 June (£17.3bn at 30 June 2017). The Society’s head office has been based in the centre of Leeds since 1886.