Amid economic turmoil, UK citizens report improved financial savvy.
- Independent survey reveals 51% feel more competent managing finances.
- 44% actively pursue high-interest savings options for better returns.
- Cost-of-living crisis prompts exploration beyond traditional banks.
- Increasing confidence observed in financial planning for the future.
Amidst ongoing economic challenges, a significant number of Britons have reported feeling more adept at handling their financial affairs. In a new survey conducted by an independent organisation for SmartSave, a digital banking entity under Chetwood Financial, it was determined that over half of the 2,000 UK adults surveyed believe their financial management skills have improved over the past year.
The survey highlights a trend where 44% of respondents are actively seeking high-interest savings products. This proactive approach aims to optimise returns on their savings, reflecting a growing understanding of the benefit of making informed financial decisions. Furthermore, the survey revealed that 38% of respondents are starting to look beyond traditional high street banks when considering financial products such as loans, savings, and credit cards.
Confidence in financial planning is reportedly on the rise, with 51% of participants expressing assuredness in their ability to save and invest over the coming year. There has been significant learning from the cost-of-living crisis, with more than half of the respondents acknowledging that these lessons will positively influence their future financial behaviours.
CEO of Chetwood Financial, Andy Mielczarek, commented on these findings, explaining that although the cost-of-living crisis remains challenging, the decline in inflation provides some relief. He notes that positive financial habits are being formed as individuals take proactive steps to secure their financial goals. Mielczarek further emphasised the importance of exploring diverse financial products, stating that now is an optimal time to find the best long-term deals under current economic conditions.
The survey illustrates a significant shift towards financial competence and proactive saving among Britons.
