2016 is looking good for many

As January draws to a close and many of us receive the first pay cheque of the new year, research carried out by Noddle, the free-for-life credit report and score service, has found that 2016 is shaping up to be a year of financial optimism for many consumers.

A survey of over 2,000 Noddle users into financial fitness has found that two-thirds of us believe our financial situation will improve over the next twelve months. What’s more, nearly two thirds of consumers (64%) believe they have started 2016 in a better financial position than they did the previous year.

Piggy Bank 3 (PD)

When it comes to getting in control of our finances the research also found that most consumers intend to make positive changes to get their spending in order. More than a quarter of respondents (28%) stated they will be putting money away each month, 12% of people plan on creating a budget and sticking to it, a further 12% plan on switching utility providers to save money, and 4% plan on spending less on entertainment and nights out.

A desire to clear debts seems to be driving positive changes in consumer spending, ensuring their finances get out of the red and stay firmly in the black. However consumers are aware that temptation is always around the corner, with 29% admitting that liking to treat themselves is the most difficult thing about sticking to resolutions.

Jacqueline Dewey, Managing Director of Consumer Markets, Noddle, commented:

Our research clearly shows UK consumers are keen to keep on top of their finances in 2016. This is reflected in the increase in younger people and the over 65s joining Noddle. While this is fantastic news, we know that all too often it’s easy for life to get ahead of us and our finances can slip. At Noddle, our mission is to hand power to consumers. By making it easier to access and understand their personal financial credit information, consumers are in a better position to manage and plan their finances for the year ahead.

Comment Here!