Sorting out Finances Back at the Top of New Year's Resolutions for 2012

NEWPORT, Wales, January 3, 2012 /PRNewswire/ --

• 26 million Brits set to make New Year's resolutions
• Sorting out finances and cutting back on outgoings top the list
• First time since 2008 that financial resolutions lead the way
• Losing weight and getting fit relegated by financial worries
• Over 40 per cent of resolutions will be broken before end of January

26 million Brits will be making New Year's resolutions this year and money worries mean that sorting out our finances tops the nation's priorities ahead of traditional vows such as losing weight and getting fit.

The New Year's Resolutions Survey by comparison site Gocompare.com, reveals that financial affairs top the nation's resolutions list, with 49 per cent of people hoping to use the start of the New Year to turn over a new leaf and get a grip on their finances.  

Health and fitness resolutions, which have topped the poll for the last two years, have been relegated to second and third spot, with 46 per cent of people resolving to get fitter and 45 per cent looking to slim down their waistlines.  It is the first time since the 'credit crunch' and the start of the recession in 2008 that financial affairs have topped the nation's list of resolutions.

The poll of 3,000 adults reveals that 54 per cent of Brits are planning to make resolutions this year.  While 62 per cent will do so out of tradition or habit, 46 per cent genuinely want to change their behaviour in 2012.  But, these people will have an Olympian struggle in 2012 - typically 86 per cent of resolutions fail within six months and 41 per cent will be broken before the end of January.  

    The UK's top resolutions               %
    Sorting out finances/reducing
    outgoings                             49
    Get fit/take more exercise            46
    Lose weight                           45
    Eat more healthily/change diet        33
    Take up a new sport/hobby             16
    Stop/reduce smoking                   14
    Spend more time with friends/family   14
    Looking for a new job                 12
    Stop/reduce drinking                  10

Reducing outgoings (40 per cent) tops the list of financial-related resolutions followed by paying-off debt (35 per cent), saving money in a deposit account (25 per cent), investing in the stock market (12 per cent) and saving more into a pension (10 per cent).

John Miles, Gocompare.com's business development director, commented, "Traditionally New Year is a time to reflect on the changes we want, or need, to make in our lives.  Perhaps unsurprisingly, sorting out finances and reducing outgoings top the list for the first time since 2008.  And unlike some of the health and lifestyle resolutions, there are several easy, practical steps people can take to make a real change to their finances in 2012."

"Of those people making financial resolutions, one in four are looking to save money on outgoings - a quick and easy way of achieving this goal is shop around to make sure you aren't paying over the odds for your insurances, credit cards and other financial products. Comparison sites like Gocompare.com can make this job easier, searching for the best product at the best price to meet your needs.

"Simply switching credit and store card debts to a 0% balance transfer deal is an effective way of reducing the amount you owe because much of the money owed on plastic cards is made up of interest charged on the debt. Alternatively, switching to a card with a low interest rate for the lifetime of the balance transferred will immediately reduce the interest rate until the debt is completely paid off. This may be a better option for people who are unlikely to pay off a significant part of their debt during a 0% interest free period."

http://www.gocompare.com/credit-cards/

Notes to Editors:

Research commissioned by Gocompare.com.  Carried out with 3,000 UK adults in December 2011 by OnePoll. The 26 million figure is based on 54.3 per cent of the UK adult population planning to make resolutions (the UK Adult population (+18) is estimated to be 47,755,246, according to Experian's Demographic Summary). Therefore 54.3 per cent of 47.7 million is 25.9 million.  

Gocompare.com launched in November 2006 to help people find the right insurance cover at the right price.  It was founded by Hayley Parsons who has worked her entire career in the insurance broking and aggregator markets and was the first comparison site to focus on displaying product features rather than just listing prices.  It was this philosophy that led to Gocompare.com becoming the first price comparison site to be invited to join the British Insurance Brokers Association (BIBA) in May 2008 and helped force older comparison sites to change their 'quick quote' ways and stop using assumptions to calculate estimated figures.

Today, Gocompare.com provides one of the most comprehensive online car insurance comparison services in the UK as well as comparing home, pet, motorbike, van insurance and breakdown cover. 

Gocompare.com is authorised and regulated by the Financial Services Authority.