BRITS ARE turning over a new leaf in 2019. Following a shambolic year of broken New Year’s resolutions two thirds of Brits are promising to sort out their finances this year… and keep their resolve.
A survey of 1,001 UK adults carried out by Oaksmore ISA, an on-shore FCA-regulated Innovative Finance ISA, found that fewer than 1 in 10 Brits (9%) managed to see all of their New Year’s resolutions through last year.
In 2018 the average adult set themselves just two resolutions but more than half of Brits (55%) broke their resolutions as early as February.
The survey found the hardest resolution to stick to was “get up earlier” with 81% of those attempting this quickly reverting back to their old ways and hitting the snooze button.
Other resolutions which seem to lack longevity included “go to the gym at least once a week” and “spend less money eating out” however both of these proved tricky for the majority of Brits with 53% falling off the gym wagon and 48% giving in to temptation and going out for more meals than they had intended.
This year 66% of adults claim they will get their finances straightened out, and 1 in 3 intend to create a 5-year plan to help them get to where they want to be by 2024.
On average, those creating 5-year plans say they will set five goals to meet over the next five years. The most common goals are to become debt-free (60%), buy a new car (51%), and have enough in savings to go on a dream holiday (42%). These are followed by moving to a bigger house (37%) and moving a portion of their salary into investment savings every month (33%).
Reuben Skelton at Oaksmore said: “Planning ahead and investing savings wisely over a few years can revolutionise the way we live. Especially with Brexit looming, it’s time Brits start putting their finances to work and making plans for a brighter, more comfortable future – or at the very least to safeguard against the uncertainties ahead.
“Putting together a five-year savings plan is a great way to get started. By investing into an Innovative Finance ISA with a decent interest rate, Brits can receive impressive returns which over the course of a few years could amass substantial savings.
“Our Innovative Finance ISA has a maximum investment of £20,000 each year, which with 7.5% interest rate over 5 years would generate a return of £7,500 – enough to get that new car or the beginnings of a deposit on a new house. The fund is used for the restoration of Britain’s heritage sites so investees also have the satisfaction of directly giving back to their preservation of their country.”
Oaksmore is an on-shore FCA-regulated firm that invests in UK property using UK taxpayers’ cash. It is the UK’s first Innovative Finance ISA that allows public investors to support heritage projects across the UK. As well as pledging their funds to a good cause with tangible results, investors also benefit from excellent interest rates – currently 7.5%. This is significantly higher than those offered by regular savings accounts and traditional cash ISA’s and the minimum investment is just £1,000.
Oaksmore is a Brexit-proof IF ISA and will not be affected by financial services equivalence or drop in Sterling.
Top 5 goals for the 5-year plan:
- Become debt-free (60%)
- Buy a new car (51%)
- Save enough for a dream holiday (42%)
- Move to a bigger house (37%)
- Put money into investment savings each month (33%)