Britons trending towards economic optimism, with 43% expecting their circumstances to improve

A new independent survey of 2,000 UK adults has found:

• 43% of UK adults believe that their financial situation will improve in the next 12 months, compared to 33% who do not think it will (remaining 24% ‘unsure’)
• When asked about the factors that influenced this prediction, the most common response was ‘confidence in their own financial management’ (33%) 

• 29% of respondents said they will make the most of savings opportunities

 
Over two fifths (43%) of UK adults believe that their financial situation will improve in the next 12 months, new research by SmartSave, a Chetwood Financial company, has found.

The digital bank commissioned an independent, nationally representative survey of 2,000 UK adults. Of those who said they thought they would be in a better financial position in a year’s time, when asked why they felt this way, the most common reason cited was ‘confidence in their own financial management’(33%).

This was followed by 29% stating they expect their salary to increase over the next year, and the same number (29%) saying they will make the most of savings opportunities.

Just under a quarter (24%) said that they expect their circumstances to improve due to their confidence that the state of the UK economy is improving, while a similar figure (23%) named falling inflation as a factor.
 
Andy Mielczarek, Founder and CEO of Chetwood Financial, said: “The past three years have been particularly tough for savers, with soaring inflation, high interest and mortgage rates, and slow wage growth making long-term saving difficult. However, inflation has finally fallen back to target levels, offering a sign of relief for savers.

“Unsurprisingly then, there is some optimism towards the year ahead, and a notable, and positive, theme among our findings is respondents’ confidence in their own financial planning abilities. Indeed, strong financial management and taking advantage of savings opportunities will be key for people looking to take back control of their money as we move away from the high inflationary period.

“More than ever, savers need to take the initiative. With inflation at a three-year low and interest rates still high, there is a prime opportunity for savers to secure the best long-term savings opportunities while they last.”
 

About the research 

The market research was carried out between 12^th and the 17^th June 2024 among 2,006 UK adults via an online survey by independent market research agency Censuswide. Censuswide is a member of the Market Research Society (MRS) Company Partner Service, whose code of conduct and quality commitment it strictly adheres to. Its MRS membership means that it adheres to strict guidelines regarding all phases of research, including research design and data collection; communicating with respondents; conducting fieldwork; analysis and reporting; data storage. The data sample of 2,006 UK adults is fully nationally representative, ensuring the respondents are weighted by age, gender, region, employment status and political views.