Over a third of Brits entered 2016 in debt
New research from GetPaidTo reveals that although many are still suffering from last year’s debt, Britain is a nation of ‘wannabe’ savers with two-thirds aiming to put away cash in 2016.
LONDON, UK - As we settle into the New Year, cashback and rewards site GetPaidTo can reveal over a third of Brits (35%) are starting 2016 in debt. Yet it seems many are determined to make a change next year with two-thirds (67%) hoping to enter 2017 in the black.
The research, which surveyed over 2,000 people in the UK, found that the average Brit will take just over 9 months to repay their dreaded debt this year. Surprisingly, the research shows that men are quicker to get their finances in order, taking an average of eight and a half months to repay debt, compared to women who take an average of 10 months.
It seems that despite the nation’s January debt, Britons are optimistic that this will be the year to save with over a third (34%) making a New Year’s resolution to save money for their future this year. In fact, 67% of those surveyed made a finance-based New Year’s resolution for 2016 reiterating the need for people to improve their finances. However, only 3% aim to save for a purchase for someone else, demonstrating that holidays like Christmas are far from many people’s minds when perhaps they should be preparing now.
Interestingly, it’s the young who are most likely to make a resolution to save for their own future, with over half (52%) of 16-24 year olds claiming that this year they will aim to put away cash for a rainy day. Almost 40% of those in London have made this promise to themselves, perhaps hoping to get on the housing ladder in the notoriously expensive city.
On average, the survey respondents said they hope to save around £216.85 a month, making their financial resolutions a reality this year. However, for those ‘wannabe’ savers still suffering from last year’s spending, it will prove a difficult task as a third (32%) admit to taking up to a year to repay debt. GetPaidTo’s research is a worrying sign that although Brits plan to save, Britain is ultimately a nation of ‘wannabe’, rather than ‘actual’, savers. Previous research from GetPaidTo showed that one in five (20%) were still paying for the previous Christmas last August – indicating that perhaps the nation isn’t learning from last year’s mistakes.
Plan to save
With this in mind, cashback and rewards website GetPaidTo is encouraging the nation to take advantage of its opportunity to make great earnings and savings online, 24/7. GetPaidTo users can earn GPT Points by completing paid-for surveys, watching videos, listening to radio; all a form of market research for top brands and product testing companies.
They can then spend their GetPaidTo Points by selecting from either a cash transfer, gift cards or a Cashback Boost. Plus, when a user tells a friend about GetPaidTo and they begin earning points, GetPaidTo rewards the original user with 15% commission on their points earnings – for life. The site also offers ways to save money, with cashback shopping, discount vouchers and special offers from thousands of UK retailers.
Brits could even get ahead of the game and start saving for next Christmas with GetPaidTo’s Christmas Saver Club – the only saver club where there is no need to make monthly deposits, no tie-ins, no penalties, or any other restrictions.
"With 35% of people beginning the year in debt, it’s hardly surprising that only 9% begin saving for Christmas in January," comments Karim Wilkins, CEO at GetPaidTo. "Using GetPaidTo’s Christmas Saver Club, people can be more prepared than ever saving for Christmas now and helping them start next year without all that leftover Christmas debt."