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UK ENTERS ITS UNBOTHERED ERA AS 17 MILLION BRITS ADMIT THEY DON’T CARE ABOUT THEIR FINANCES

ByAdam Myles

May 24, 2024
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UK ENTERS ITS UNBOTHERED ERA AS 17 MILLION BRITS ADMIT THEY DON’T CARE ABOUT THEIR FINANCES

  • Over a third of Gen Z’s (34%) and Millennials (35%) state they don’t care enough about their finances to seek financial help
  • 31% are unaware of the resources available to help them improve their financial situation
  • A staggering 86% of the population face challenges when it comes to saving money
  • VoucherCodes’ Savings Expert, Anita Naik, has teamed up with finance influencer, Megan Micklewright (@TheSavvySpenderOfficial), to provide consumers with everyday savings tips & tricks

 

LONDON, UK: THURSDAY 23rd MAY 2024: The UK appears to be entering its unbothered era as one in four Brits (25%), the equivilant of nearly 17 million, confess they don’t care enough about their finances to seek financial help, new data reveals.

The study by VoucherCodes.co.uk, the UK’s most trusted savings site, examines the gaps the nation faces in their financial literacy and why they find it tough to put money aside. Whilst it seems many Brits are ambivalent about their finances, others do care and want financial help however their primary challenge is not knowing which resources exist to support them, with nearly a third agreeing (31%).

Financial struggles have traditionally felt like a taboo subject, causing many to shy away from finding help. Although many are beginning to open up, nearly one in 10 people (9%) admit they don’t want to seem uneducated when seeking support. Alongside this, nearly one in 10 people (9%) declare they don’t feel like they have the time to learn more, and they feel behind when it comes to their financial literacy.

Saving money has become increasingly challenging in recent years amidst rising living costs, with new research revealing that 58.4 million (86%) Brits face challenges regularly – rising to 95% of those aged 18-34 years old. It’s difficult to regularly save money without having a budget in place and a staggering 74% of people admit they don’t set out a monthly budget, likely due to a lack of knowledge. Over one in five (21%) confess they lack knowledge when it comes to budgeting – rising to 30% of Millennials.

Top ten financial areas Brits admit to lacking knowledge in

Rank Challenge Brits Face When Saving Money % Of Brits
1st Forex/cryptocurrency 38%
=2nd Stocks and shares

Trading

32%
4th Investing 27%
5th Credit cards 23%
6th Budgets 21%
=7th ISA’s

Inflation

20%
=8th Interest rates

Paying tax on interest rates

Mortgages

18%
=9th Pensions

Current accounts

17%
10th Savings accounts 16%

The top areas of financial literacy Brits fail to understand is trading assets of different kinds. According to 38% of people, Forex (foreign exchange markets) and Cryptocurrencies stump them the most, followed closely by stocks and shares and trading in general (both 32%). However, there is also uncertainty about many common financial products, such as credit cards and savings accounts. Nearly a quarter (23%) of people admit they lack knowledge around credit cards, despite the average person owning 1.7 credit cards1.

Anita Naik, Savings Expert at VoucherCodes.co.uk comments: “Financial literacy is important at any age because it empowers you to take control of your financial future. Taking the time to understand concepts such as budgeting, saving, investing, and managing debts allows you to make choices that improve your life and well-being, as many know, worrying about money can be extremely stressful.

“People who access financial resources and advice are better equipped to manage their finances, leading to greater stability and security. It’s never too late to improve your financial literacy and there are plenty of quick to use independent services, such as Citizens Advice and MoneyHelper, that offer government-backed guidance across areas such as savings, debt and financial education.”

At VoucherCodes we’re about helping with the everyday savings. To help consumers expand their financial literacy, Savings Expert, Anita Naik has teamed up with Megan Micklewright (@TheSavvySpenderOfficial), award winning financial influencer, to provide actionable tips and tricks to combat the gaps in the nation’s financial knowledge. The full blog post can be viewed here.

When you sign up to the VoucherCodes VIP Hub, not only will you receive immediate benefits, without the need for points, tiers or hidden Ts and Cs, you’ll also have access to exclusive money saving tips and content, such as the full recording of Anita and Megan’s conversation, to help you save even more. Snippets of the tips can be found in the press pack here.