New research released today has revealed Britain's biggest money concerns for the new year, with 45% of people saying they are anticipating a bad year financially.
The survey, carried out by Go.Compare Money, asked Brits about their feelings towards their finances as the new year begins, as well as their top money worries. It found that more women (47%) than men (43%) admitted that they are anticipating a bad year financially in 2025, with the rising cost of living coming out as the top concern (46%) and three in 10 saying they were worried about not having enough savings.
Biggest financial worries in 2025
1. The rising cost of living/bills. 46%
2. Not having enough savings. 30%
3. Paying my bills. 22%
4. Not having any savings. 19%
5. Not being able to find enough work. 15%
6. Not saving enough for retirement. 14%
7. Not getting a pay rise. 14%
8. Being able to pay rent. 13%
9. Losing my job. 10%
10. Credit card and other unsecured debts. 10%
The data also reveals that, across the age groups, 18-24 year olds are most worried about maintaining mortgage payments in 2025, with 14% citing it as a top financial worry - 5% higher than the average of 9%. While those aged 55 to 64, say that the top concern was saving for their retirement, with (26%) saying it was their top financial worry.
Looking across the UK, 50% of those in the South West say they are anticipating a bad year financially in 2025, followed closely by those in the South East and East Midlands (49%) and in Wales (48%). On the other end of the scale, it’s Londoners with the most optimism, with two-thirds anticipating a good year financially, followed by Northern Ireland (63%) and those in the North East (59%).
Matt Sanders, money spokesperson at Go.Compare commented: “The new year is a great time to sit down and evaluate your finances. Take a look at what you are paying for - is there anything you don’t use anymore? Can you shop somewhere cheaper for groceries? Are you spending too much on lunch? With so many people worried about what 2025 will have in store for them financially, taking a look at your current outgoings and where you can make some savings is always a good place to start.
“Identify those opportunities to reduce your spending and then think about the next steps. At Go.Compare we want to help people save money wherever they can so we have put together our top money-saving tips:
Use cashback sites: There are lots of cashback websites out there to help you make a little bit of money back when you are spending. From fashion to beauty, holidays and takeaways it’s a great way to put a bit of extra cash back in your pocket.
Change banks: Switching your bank could make you a bit of cash. Some banks and building societies offer an incentive to move your account to them and with the Current Account Switch Service, it’s easier than it has been before. To find out more visit here.
Cut your energy bills: Your energy bill is likely one of your biggest bills each month so it’s a good place to see if you can make any savings. With the market opening back up, it’s a good time to take a look at your tariff and see if you are on the best deal for your energy needs. Learn more about switching here. No matter what your financial situations look like it’s important to never bury your head in the sand.
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