How Much Do We Spend On New Year’s Resolutions?
Stuart Mosley No Comments

With the holiday season now over, we’ve headed straight into the New Year and many of us have set ourselves a few goals that we want to achieve in 2018. But, how many of us will stay committed to these goals?

According to research by TSB, there were nearly one in three people that had given up on at least half of their New Year’s resolutions by the end of last January, which was 31% of people. Then, by the end of March, there were more than four in ten people that had given up the New Year’s resolutions, resulting in 46% of people. It’s estimated that people in the UK spend an average of £187 on their New Year’s resolution, which they then later give up.

Their resolutions included a variety of activities to be healthier, such as buying a bicycle, joining a gym, buying workout clothing, and buying fitness DVDs. Amongst these healthy resolutions, there were also plans to improve dieting, such as buying new juicers, blenders, buying more healthy foods, and buying more supplements. The rest of the resolutions were either learning a new skill or finding a new hobby.

With 25% of people saying that their New Year’s resolutions had cost them more than they had initially thought, it’s clear to see why some may have given up on their goals. Some of these resolutions have high costs and nearly 18% of people think that they might have to use their credit card to achieve their goals for 2018.

Overall, more than 31% of people said that they wanted to make a resolution that was finance-oriented and over 58% of people said they would like to improve their financial management in 2018.

 

About the Author

Stuart Mosely (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander.  He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.

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