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UK ADULTS TO TURN OVER A NEW FINANCIAL LEAF IN 2015

Press release   •   Jan 07, 2015 00:01 GMT

  • 14 million people plan to make a big financial change in 2015
  • Clearing debts (18 per cent) and taking greater control of their money (16 per cent) this year is key for many UK adults
  • Climbing the property ladder is a top priority for 2015, with a fifth (18 per cent) planning to move or buy their first home

As 2015 begins, the Post Office Financial Ambitions survey reveals the UK population is keen to take control of their financial future in the next 12 months with just over 14 million people [28 per cent] 1 set to make a big change this year.

Clearing debts (18 per cent) and taking control of their money (16 per cent) are the top priorities for the UK’s adults, as they resolve to get their finances in order. Significantly more than one in ten (13 per cent) will consider switching to a new current account provider this year – an increase on the estimated two per cent who switched in 2014[2]. Meanwhile one in ten people (10 per cent) will take out a new credit card, and nine per cent will switch card provider.

A fifth of UK adults (18 per cent) are also set to make one of the biggest decisions of their life as they move or buy their first home. Nearly one in ten (nine per cent) are first-time buyers who are likely to have been encouraged by the Government’s recent overhaul of the stamp duty thresholds.

Would-be buyers and movers’ confidence in their ability to climb the property ladder is mirrored in attitudes towards saving. Almost half (45 per cent) plan to put more away in 2015 than they did last year, in yet another sign they wish to be more in control of their financial future.

Nick Kennett, Director of Financial Services at Post Office, said: “People are looking to turn over a new financial leaf this year and seem to be feeling more confident in their finances and the economy than they have in a while. If the financial ambitions noted in our report happen then this will be a year of big changes for many.

“Providers must ensure they can meet this demand for products and services that help consumers to feel more in control of their finances. Post Office offers a range of financial services that provide assistance in managing and making the most of your money.”

Ends

Notes to Editors

*Research conducted by Opinium on behalf of the Post Office between 14th to 17th November 2014. 2,003 online interviews of UK adults over the age of 18.

1 28% of respondents indicated they are likely or plan to change their current account provider, buy their first home, move home, remortgage, take out a new credit card, or switch credit card provider in 2015. Post Office calculated that 28% x 50,371,000 (2013 UK adult population according to ONS, 2010) = 14,103,880

2 The Payments Council first full-year results (to the end of September 2014) for the Current Account Switch Service, found that 1,203,334 switches took place during the 12-month period. Post Office calculated that 1,203,334 is 2.39% of the UK adult population (50,371,000)

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The Post Office (Post Office Limited) has an unrivalled national network of over 11,500 branches across the UK, more than all the high street banks combined, and sits at the heart of communities in Northern Ireland, Scotland, Wales and England. The Post Office has made a commitment to maintaining its network of branches at its current size and reach. It provides around 170 different products and services spanning financial services including savings, insurance, loans, mortgages and credit cards; Government services; telephony; foreign currency; travel insurance and mail services.

The Post Office serves over 17 million customers a week and a third of small businesses. Some 99.7% of the total population live within three miles of a post office and over 97% live with one mile of a post office. For many rural communities, the post office is the only retail outlet. Post Offices branches remain highly valued and trusted, and are the focal point of many communities. For more information, visit http://www.postoffice.co.uk/.

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