Christmas bills are already squeezing Brits’ finances
Key Points
- 40% of Brits say Christmas is already changing their financial priorities
- 35% point to winter household costs and 40% expect the Budget to hit them
- 38% of current account holders haven’t used any bank perks in a year
- 77% would rather choose their own banking benefits
- Zopa’s Biscuit account now lets customers switch perks as priorities change
Two in five Brits say Christmas is already changing their financial priorities, according to new research from Zopa Bank.
The digital bank’s survey of 2,000 UK adults, carried out by Censuswide between 28 and 30 September, found that 35% of current account holders also pointed to upcoming winter household costs.
Almost seven in ten respondents (68%) agreed that different times of the year call for different approaches to their money.
Four in ten expect the Budget on 28 October to significantly affect their financial position over the following six months.
More than half (54%) said what they need from their money today differs from what they needed a year ago, rising to 65% among 25 to 34-year-olds.
Zopa’s research also found that 38% of current account holders have not used any of their listed banking benefits in the past year.
Forgetting the benefits existed (21%) and finding them irrelevant to their lifestyle (18%) were among the most common reasons respondents gave.
More than three quarters (77%) said they would rather choose their own banking benefits than sign up to a ready-made package, while 65% think their benefits should evolve as their life changes. Seven in ten (70%) said they would be more likely to use a benefit tailored to their current spending habits.
“While our financial needs are not fixed and evolve with the seasons and different stages of our lives, banking benefits have traditionally stayed the same,” said Merve Ferrero, chief strategy officer at Zopa Bank.
“At Zopa, we think that needs to change,” Ferrero added. “That’s why we’re giving people the flexibility to choose the perks and benefits that work best for them, rather than expecting their banking to fit around a one-size-fits-all model,” she said.
