Half of Brits are budgeting for 2025

A recent survey by HSBC UK has shone a light on how we Brits are managing our finances.

With responses from 2,001 adults, the survey looks at our spending priorities, saving habits and the barriers holding us back.

Spending: essentials vs luxuries

When it comes to spending, essentials like bills and groceries take top priority.

However, many of us still splash out a bit on:

• clothing, shoes, and accessories (46%)
• dining out (41%)
• takeaways (34%)
• travel (34%)

Interestingly, our relationship status also affects our spending habits.

Married couples tend to spend more on dining out, while singles focus on clothing.

Confidence gaps in finance

The survey shows a gap in financial confidence. Three-quarters (75%) of men feel sure about managing their money, while only 69% of women do.

Younger adults, especially those aged 18-24, are the least confident. In contrast, 83% per cent of people aged 55 and over feel more secure in their financial knowledge.

Saving trends

Despite the challenges, 35% of Brits manage to save 10-20% of their income.

Yet 14% haven't saved a penny in the last three months. Interestingly, men save nearly twice as much as women on average.

Start saving

Want to save but don’t know where to begin? Creating a budget is a good way to get started as you’ll be able to see how much money you have coming in each month and where it goes.

This can make it easier to prioritise your spending and spot areas where you can cut back and save.

Give our budget planner a whirl – it’s free and easy to use.