A new survey reveals a shift in financial management among UK adults.
- 51% of respondents feel more competent managing their finances.
- 44% are actively seeking high-interest savings products.
- Many are exploring beyond traditional banks for better financial deals.
- 52% learned valuable lessons from the cost-of-living crisis.
A recent independent survey conducted by SmartSave has provided new insights into how UK adults are adapting to prolonged economic challenges. Over half of the participants, about 51%, reported feeling more competent in managing their finances over the past year. This suggests a significant shift towards financial literacy and proactive financial behaviour among Britons.
The survey highlighted that 44% of respondents are now actively looking for high-interest savings products. This indicates a strategic approach to maximising returns, reflecting a broader trend of savers seeking to enhance their financial gains through smarter savings choices.
Exploration beyond major high street banks has also become notable, with 38% looking for financial products such as loans and credit cards from alternative sources. This shift illustrates a growing awareness and willingness to seek better financial opportunities outside traditional banking institutions.
As the cost-of-living crisis continues to affect households, 52% of those surveyed admitted to having learned valuable financial lessons that would influence future financial management. These lessons appear to be driving a more informed and confident approach to saving and investing.
According to Andy Mielczarek, CEO of Chetwood Financial, the challenges posed by the economic climate have led to positive financial behaviours. He noted, “Positive lessons can emerge from a harsh economy, with many taking proactive steps to protect their savings and achieve their financial goals.” Mielczarek emphasised that exploring alternatives to traditional savings options represents a wise strategy in the current economic context.
The survey underscores a shift towards increased financial competence and strategic savings behaviour among UK adults, spurred by recent economic challenges.
