Brits more confident in their finances than ever before - here's why
A recent study of more than 4,000 adults reveals that 40 percent now feel 'very confident' in handling their finances
average credit card debt has decreased to below £2,000
(Image: Getty Images )
Despite ongoing economic uncertainty, Britons are feeling more financially confident than last year, according to a survey of more than 4,000 adults. Forty percent now say they are "very confident" in managing their finances - up from just 10 percent in 2023. The boost comes despite challenges like a volatile stockmarket and low interest rates.
Eighty-four percent feel more confident in their ability to save, with 40 percent crediting an emergency fund for their peace of mind. The number of adults with some form of savings has risen to 83 percent, up from 75 percent, and there's been a 10 percent increase in those actively investing.
Credit card debt averages have also seen a decline, falling below £2,000, from £2,096 to £1,995, reports the Daily Star.
Despite these positive trends, the study commissioned by Moneybox reveals that while there is greater confidence in retirement planning, only 21 percent feel 'very confident' about achieving a comfortable retirement.
Brian Byrnes, head of personal finance at Moneybox, commented to say: "There is still much more the financial services industry can do to support people on this journey to move towards their financial goals with confidence.
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"Whilst providers like Moneybox are working to make tools and information as accessible as possible - and positive initiatives like targeted support are on the horizon - the financial services industry cannot take its eye off the ball."
Retirement savings is the one area most Brits still aren't confident about
(Image: Getty Images )
The study indicates a growing trend of individuals proactively managing their finances, with many describing their approach as "structured and comprehensive", and a significant number are self-educating on personal finance matters.
Belfast has emerged as the city with the most financially assured inhabitants in the UK, with London and Manchester also ranking high. Notably, confidence levels have risen across nearly all urban areas over the last twelve months.
Brian Byrnes commented: "The government, regulators and the industry need to match their drive and momentum and commit to doing all they can to close the advice gap and help people make informed financial decisions with greater confidence.
"These results show how far people have come - learning from the economic challenges of recent years and taking control of their financial future.
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"They show that financial confidence is like a seed: once planted, with a little encouragement, it grows - prompting people to spend more time learning, planning, and engaging with their money.
"That's the real story here: resilience, progress, and the power of confidence to transform financial lives."
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