Over two fifths (43%) of UK adults believe that their financial situation will improve in the next 12 months, new research by SmartSave, a Chetwood Financial company, has found.
The digital bank commissioned an independent, nationally representative survey of 2,000 UK adults. Of those who said they thought they would be in a better financial position in a year’s time, when asked why they felt this way, the most common reason cited was ‘confidence in their own financial management’(33%).
This was followed by 29% stating they expect their salary to increase over the next year, and the same number (29%)saying they will make the most of savings opportunities.
Just under a quarter (24%) said that they expect their circumstances to improve due to their confidence that the state of the UK economy is improving, while a similar figure (23%) named falling inflation as a factor.
Andy Mielczarek, Founder and CEO of Chetwood Financial, said “The past three years have been particularly tough for savers, with soaring inflation, high interest and mortgage rates, and slow wage growth making long-term saving difficult. However, inflation has finally fallen back to target levels, offering a sign of relief for savers.
“Unsurprisingly then, there is some optimism towards the year ahead, and a notable, and positive, theme among our findings is respondents’ confidence in their own financial planning abilities. Indeed, strong financial management and taking advantage of savings opportunities will be key for people looking to take back control of their money as we move away from the high inflationary period.
“More than ever, savers need to take the initiative. With inflation at a three-year low and interest rates still high, there is a prime opportunity for savers to secure the best long-term savings opportunities while they last.”
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