Important note: The information in this section is intended for use by journalists only and customers should not use it to make financial decisions. Please remember that information in past press releases may no longer be current.

  • 18-24 year olds are most likely to think long-term next year as 32% plan to curb spending and a third (35%) want to increase savings
  • On average, nearly half (44%) of the population plan to stick to a monthly budget in the New Year
  • Short-term financial goals for 2015 are taking a holiday and paying off credit card debt

When it comes to setting financial goals for 2015, it is those aged 18 to 24 who are most likely to prioritise getting in control of their money. This age group, more than all other age groups, plan to get in control of their finances by reducing spending on leisure, according to research* from pensions and insurance provider Friends Life.

Almost a third of all 18-24-year-olds (32%) plan to curb the amount of money they spend on leisure activities, compared to a UK average of 18%. In addition, more than a third (35%) of 18-24 year-olds said they wanted to increase their savings with top aims being to buy a car (17%) or house (20%).

The findings illustrate that younger people are maximising their potential to save, which could be attributed to the positive impact of auto-enrolment. Research from Friends Life earlier this year revealed how important it is to actively contribute to retirement savings from a young age. An analysis of ONS data found workers on average face a salary drop of £400 per year once they turn 50. As a third (35%) of those over 55 are prioritising spending their money on a holiday next year, this age group need to ensure they are considering what money they are putting aside for the long-term.

Andy Curran, Chief Executive Officer, UK at Friends Life said: "As our thoughts turn to 2015, it is really interesting to understand what people's financial priorities are. The positive news is that many feel confident about their financial situation and are already taking steps to ensure they plan ahead and save for both the short and long term. This is particularly evident among those aged under 25 who are just entering the workplace and appear to have a healthy approach to saving. This is a crucial shift in savings behaviour as our recent Retirement Savings Map found currently many people face a £96.67 per week financial shortfall in retirement. This demonstrates why it is so important for people to take control of their finances sooner rather than later."

When it comes to what people want to do with their money in the short term, 44% of the population said it was to stay in control of daily spending and sticking to a monthly budget was most important. A third (29%) said their top priority was to take a holiday while one in five (18%) said they wanted to pay off credit card debt. The good news is that overall people are positive about their ability to achieve their financial goals in 2015, with two in five (38%) confident they will achieve their long and short term priorities, and half (47%) saying they will be in a comfortable financial position.

To find out more about setting a financial goal and saving for the long term, visit www.friendslife.co.uk

-Ends-

For more information, please contact:

Helene Barnes Friends Life 01306 635 281 or
0845 268 5281
helene.barnes@friendslife.co.uk
Kate Cunningham Teamspirit 020 7864 4138 friendslife@teamspiritpr.com
Kate Mallett Teamspirit 0207360 7829 friendslife@teamspiritpr.com

Ref: N0217

Notes to Editors

* Research of 2000 respondents was undertaken by OnePoll on behalf of Friends Life during November 2014

Friends Life provides pensions, investments and insurance for over five million customers. Our key business lines are corporate benefits, protection and retirement income.

Friends Life is the brand name of Friends Life Group Limited.

Our heritage dates back to 1810, with Friends Provident being founded in 1832 to help alleviate the hardship of Quaker families facing misfortune.

Other brands in the Friends Life group include:

  • Friends Provident International, which provides life assurance, pensions and investment products to Asia, Middle East, Europe, UK and other selected markets.
  • fpb AG, a wholly owned distribution partner in Germany.
  • Sesame Bankhall Group, which was formed in 2009, combining an IFA network, support service provider and mortgage club, to create a large distributor of professional support services to financial advisers.

Important

This news service is for information purposes only and does not provide any form of advice, recommendation or financial promotion. Any opinions expressed by third parties are those of the third party concerned and not of Friends Life Group Limited. Friends Life Group Limited does not accept liability for any errors or omissions or for loss incurred because of reliance on information or opinions given.

The content of the news items set out above are accurate only as of the date of issue and Friends Life Group Limited does not undertake any obligation to update them.

Useful links:

www.friendslifegroup.com/media-centre.aspx
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www.twitter.com/FriendsLifeTalk

To follow Friends Life twitter page on your mobile, simply text "follow FriendsLifeTalk" to 86444 (UK only)

Friends Life is a business name of certain companies in the Friends Life group including the following

Friends Life and Pensions Limited Company number 475201
Friends Life Limited Company number 4096141
Friends Life FPLMA Limited Company number 00004599

Each of the above companies is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority

Friends Life Marketing Limited Company number 5059179
Friends Life Investment Solutions Limited Company number 6389025
Friends Life Services Limited Company number 3424940

Each of the above companies is authorised and regulated by the Financial Conduct Authority.

Friends Life Management Services Limited Company number 983330 is an appointed representative of Friends Life Services Limited, Friends Life and Pensions Limited and Friends Life Limited.

Friends Life The Blue Line Limited Company number 3146254 is an appointed representative of Friends Life Marketing Limited

Suntrust Limited Company number 1460956 is not authorised or regulated by either the Prudential Regulation Authority or the Financial Conduct Authority.

Each company is an incorporated company limited by shares and registered in England and Wales with a registered office at Pixham End, Dorking, Surrey RH4 1QA

Telephone calls may be recorded. Friends Life is a registered trade mark of the Friends Life group   www.friendslifegroup.com

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