27 February 2023 , 13:24
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Three in ten Brits (29%) feel they are able to manage their money better now, with 26% planning for the future more – thanks to the cost-of-living crisis.
The economic slump has prompted 34% of adults to take better control of their finances, with two in five (41%) prioritising becoming more financially resilient, according to a survey of 2,000 people.
One in three (32%) chose to invest their money last year in something other than a cash ISA or savings account, with two-thirds of those doing so for the very first time.
And 35% say they feel more confident in 2023 than ever before to continue this trend, and invest their money – with 36% seeking better returns than savings accounts.
The most likely age group to invest last year were 25-34-year-olds, with 41% of this group choosing to grow their money in this way.
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Three in ten (31%) said the cost-of-living has motivated them to make their money work harder, and 41% want to grow their money and wealth over time – although 32% are looking to achieve their longer-term goals as quickly as possible.
A quarter are now planning for the future more than they were before the cost-of-living crisis (Jay Radhakrishnan/Getty Images)However, one in five (19%) still do not see investing as a viable option for them – as 34% can't afford to spare the cash right now.
And three in ten are anxious about losing their money, while 22% are hesitant because they don't feel confident enough.
Brian Byrnes, head of personal finance at Moneybox, which commissioned the research, said: “We know that investing, for many, can still be daunting.
“But it is an increasingly essential part of any financial plan to help mitigate the impact of inflation over time, and build wealth for the future to help achieve longer-term financial goals.
“Market volatility is not unexpected, or even a bad thing for investors – in fact, investing in a downturn can give you more bang for your buck.”
The research, via OnePoll, also found that more than a quarter (27%) of those polled have made a budget for the first time, and one in four have negotiated better contracts with a current provider to save some money.
Brian Byrnes, from Moneybox, added: “The benefits of building positive financial behaviours early in life cannot be overstated.
“And it's positive to see the financial challenges endured in the last year have prompted so many to take more control of their finances and start planning for their future.”