It’s a tradition as common as eating turkey on Christmas Day - but not always as enjoyable. New Year’s resolutions are something many of us make; telling ourselves that, this time, we will stick to them. However, it doesn’t always work out that way.
What are the most popular New Year’s resolutions?
We did some research* and discovered that two fifths of people – that’s equivalent to 20 million men and women – will vow to fight the flab in 2014, while one third will resolve to get fit.
The desire to lose weight and do more exercise are the most popular New Year’s resolutions by far. Next on the list was giving up smoking. One in ten respondents said that quitting cigarettes would be on their list of resolutions for next year.
Cutting back on booze was also something millions of Brits have resolved to do. A total of 13.6% of people told us that they would drink less alcohol or completely give up drinking in 2014.
What about financial resolutions?
But it’s not just getting in shape and improving our health that’s on people’s minds for next year. Respondents to our survey said that financial considerations were also important.
More than a third of people plan to squirrel money away next year, either by saving more or starting a pension. And nearly a quarter of men and women said they would pay off their debts, while others said they would set a budget and stick to it.
Shopping around for cheaper insurance and changing utility provider are also high up on people’s lists of financial resolutions.
Will we stick to our resolutions?
We all like to think that we’ll have the commitment to stay true to the promises we make to ourselves each January. But some of us are realistic about the chances of that happening. According to thinkmoney’s research, 17% of people expect to fail in their resolve at some point between one week and one month into the New Year.
Around 15% said they would most likely abandon their resolution after a month and before three months were up. Only one third said they would keep to their promises for the whole year.
And some people don’t bother making any resolutions at all. More than 7 million UK adults said they had no plans to do anything differently from January 1st.
Ways to stick with it
It’s great to see that lots of us are keen to improve our quality of life. But, as we’ve seen, many of us start the year with good intentions that don’t always work out. If you’re worried about sorting out your financial situation on your own, thinkmoney’s Money Managers can help. They make sure that bills are paid on time and provide day-to-day help with budgeting.
*OnePoll questioned a nationally representative sample of 2,000 adults aged 18 and over between 28th November and 2nd December 2013. Figures have been extrapolated to fit ONS 2013 population projections of 50,371,000 UK adults.