Adrian Watson, divisional director of financial planning at Brewin Dolphin’s Cardiff office.
With the new year comes the struggle of new year’s resolutions and according to Brewin Dolphin, money matters are firmly on people’s minds.
The wealth management firm has found that around one in three (30%) people say they will make a financial-based resolution, yet only one in seven (15%) will seek financial advice in 2018.
This is according to a poll of more than 3,500 UK adults which found that the most common money goals for people in Wales are: paying off their credit cards or loans (19%); putting more money into their savings accounts (15%); and starting a regular savings habit (12%).
Some people in Wales also plan to overpay their mortgage (6%) and reduce their household expenses by switching energy suppliers and insurers (5%).
Adrian Watson, divisional director of financial planning at Brewin Dolphin’s Cardiff office, said: “It’s clear that when people have finished celebrating 2017 and the sore heads have cleared, that many are planning to put themselves on a financial diet to save the pounds and pence in 2018.
“While it’s encouraging to hear that one in eight people see a financial planner at least once a year, those looking to go on a financial detox could consider seeking professional advice to make the most of their money – especially if they have clear goals in mind.”
Many people in Wales are planning to save or invest in the year ahead, with clear goals in mind.
Four out of ten (38%) people are saving for a holiday, almost a third are saving for a rainy day (29%) and one in 10 are putting money aside for a new car (9%).
One in eight (13%) are tightening their belts so they can financially help their children.
However, one in eight (13%) people are in Wales are thinking
Most people acknowledge that they may need help if they want to change their money habits in 2018.
While some people turn to family members (12%) and friends (6%) for advice, more than six out of ten (66%) say they’ll do their own online research in order to achieve their financial goals in 2018.
The poll also found people in Wales have some other familiar goals on their New Year’s resolutions list for 2018.
For instance, losing weight (26%), exercising more (21%) and travelling (12%) are all activities that many people want to do in 2018.
Other common goals include: getting organised (11%); spending more time with family and friends (10%); and learning a new skill (6%).