Marvin OnumonuStandard Life has highlighted financial tips for the new year as only 28% of individuals report living comfortably.
Mike Ambery, retirement savings director at Standard Life, part of Phoenix Group, shared seven key tips for financial success in 2025.
These tips were: get support with debt; review your household budget; set savings goals; use tax allowances effectively; plan for retirement; track down old pensions; and harness online tools for planning.
Ambery said: “As 2025 begins, persistent cost-of-living pressures continue to challenge many across the UK, but the start of a new year is an excellent opportunity to regain control of your finances and set achievable goals.
“While financial concerns can feel overwhelming, taking small, actionable steps to review and plan your finances can help ease anxiety and set you on a path toward greater confidence.”
He added: “Our latest Retirement Voice research found that after a tough couple of years in 2022 and 2023, financial wellbeing is improving slightly, but challenges remain.
“Just less than half (48%) feel positive about their financial situation, compared to 41% in 2023; however, only 28% say they are living ‘comfortably’ and over two-thirds of people are worried about energy costs (69%) and inflation (66%).
“To help you take control, we recommend a three-step approach: first, tackle any debt to keep it manageable, second, create or revisit a household budget to navigate everyday expenses, and finally, consider saving or investing for both short- and long-term goals wherever possible.”
