Brits Spend Around £200 on New Year's Resolutions That They Later Give Up

 

 

A third of Brits want to make finance-related new year’s resolutions in 2018

TSB identifies lucrative New Year’s switching resolution

New research from TSB reveals that Brits spend an average of £187^[1] on New Year’s resolutions that they later give up. The findings show that last new year nearly one in three people (31%) had given up at least half of their resolutions by the end of January. By the end of March, more than four in ten (46%) had given up their resolutions.

TSB’s research shows New Year’s resolution costs last year included the following:

• Losing weight and getting fit: such as joining a gym or a slimming club, buying new workout clothes, buying fitness DVDs, and buying a bike – £73
• Following a healthier diet: such as buying a blender or a juicer, purchasing the latest health food craze, and buying protein shakes – £42
• Having a makeover: such as getting a new haircut or colour, and a new wardrobe for work – £38
• Learning a new skill or hobby: such as taking up language classes, starting music lessons, and learning to paint – £34

A quarter (25%) said their resolutions at the start of this year cost them more than they had anticipated. The high costs associated with these resolutions mean that nearly a fifth (18%) of Brits think they may end up relying on credit to fund their ‘new year, new you’ ambitions next year.

Making financial resolutions

Yet, over a third of people (31%) say they want to make a finance-related New Year’s resolution and more than half (58%) said they want to start managing their money better in 2018.

So, with New Year 2018 fast-approaching, TSB has identified some resolutions that could help save people money and work towards off-setting the cost of any ‘new year, new you’ resolutions that Brits choose to pursue in 2018. All people need to do is switch.

According to research by the Competition and Markets Authority (CMA)², a typical customer could save on average £70 a year by switching bank account. And switching energy suppliers could save people another £200³ per year.

Craig Bundell, Director of Current Accounts & Savings at TSB, says: “We all love to start the New Year afresh and take the opportunity to try something new. However, some New Year’s resolutions can end up being costly.

“But what’s great to see from our research is how many people want to start managing their money better in 2018. And with a few simple changes, people could offset the cost of expensive resolutions. Sadly, we know too few people are switching their current account and missing out on some great benefits. A bit of time spent on finding the best deals – on their bank account, electricity supplier or mobile contract for example – could save consumers a significant amount of money in the year ahead.”

Top tips from TSB

1. Invest a morning at the beginning of the year to switch and save on your outgoings
   This could end up being a very lucrative morning. Take some time to make sure you’re getting the best deals. This applies to all your major outgoings including broadband, credit cards, energy and mobile phone contracts.
2. Switch your bank account
   A typical customer could save on average £70 a year by switching bank account. The Current Account Switch Service lets you switch your current account from one bank or building society to another in seven working days. You just decide when you want to switch and then your new bank or building society will take care of the rest. By doing a bit of research, you could find the right current account for you – whether you’re looking for more interest on a credit balance or lower fees and charges.
3. Switching applies to the everyday things too
   We’re creatures of habit, but by switching the supermarket you shop at, or switching which gym you use, you could end up saving hundreds of pounds each year. It’s worth taking a look at supermarket websites to see which is offering the best deal based on what’s on your shopping list.