- 85% of adults have said that it has never been more important to be financially savvy due to the rising cost of living
- Three quarters of adults say that digital tools help them keep tabs on their finances, with one in four also negotiating on prices more than they were before
- Over 35,000 people have used Santander’s free online financial health check and budgeting tool since launching earlier this year
New research1 by Santander UK shows how Brits are using the power of digital tools to help navigate the rising cost of living, with 85 per cent of adults saying that it has never been more important to be ‘financially savvy’.
All generations have been found to be embracing digital tools to help navigate the rising cost of living, with three-quarters of adults saying that digital tools help them keep tabs on their finances.
The research suggests that Gen Z – those born between 1997 and 2012 – are the most ‘financially savvy’ as they are more likely to pay into multiple pension schemes or bump up their monthly savings when they get a pay rise. The poll of 2,000 adults also found that millennials - those born between 1981 to 1996 - are most likely to regularly monitor their credit score or overpay their mortgage when they get more cash.
While Gen-Z are the most likely to monitor what is coming in and going out of their accounts multiple times a day online, a quarter of Gen-X – those aged between 43 and 58 – are keeping on top of their finances at least once a day.
Boomers – those born between 1946 and 1964 – are also the most vigilant generation when it comes to ensuring they are getting the best rates available for their savings.
Josie Clapham, Director, Centre of Excellence for Financial Support at Santander, said: “At a time when keeping on top of your finances is more important than ever before, it’s encouraging to see people from all age groups finding new ways to make the most of their money; from regularly checking their balances, to searching for the best deals and using the power of digital tools.”
Over 35,000 people have completed Santander’s free financial health check and budgeting tools since their launch earlier this year, and the Bank has also seen a 48% increase in visits to their online support pages year-on-year.
Although, it’s not just digital ways Brits are trying to keep on top of their finances, the research found. Nearly one in four (23 per cent) are negotiating on prices more than they were before the rising cost of living - even with things like clothes, car insurance, and entry to a nightclub. When it comes to eating out, those in London were 32 per cent more likely to negotiate prices than those in the North East, who were the least likely to.
While many are taking more care than ever over their expenditure, one in five admit they have still fallen for common financial faux pas, including making too many impulse purchases, letting annual repayments renew without searching for better prices, and forgetting to cancel unused subscriptions.
Josie Clapham added: “The cost of living is affecting everyone, regardless of age, and digital tools have given people the ability to find support from the comfort of their own homes. We know talking about your finances isn’t always easy, but being proactive and getting in touch early with your bank can make a real difference to the outcome. There’s lots of support available online, in our branches and via our dedicated financial support teams to help our customers.”
Santander’s online financial support and digital tools, including our Financial Health Check and Budget Calculator, are available on our website: Santander’s Financial Support Tools.
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The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to Editors
1) The research was conducted by OnePoll between 24th March and 31st March, polling a nationally representative sample of 2,000 adults.
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 December 2022, the bank had around 19,000 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.
Banco Santander (SAN SM, STD US, BNC LN) is a leading commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2022, Banco Santander had €1.3 trillion in total funds, 160 million customers, 9,000 branches and 206,000 employees.