Press Release

BRITISH RESOLVE FAILS TO LAST THE WEEK

19 February 2006

• Nearly half of Brits (47%) make resolutions throughout the year
• But two in five Brits (44%) who fall short of their targets do so within a week and three in four Brits (73%) fail within the first month
• Monday is the favourite day to make resolutions

Resolving to get fit, lose weight, spend less and save more?  It seems Great Britain is a nation of enthusiastic resolution makers, according to recent research from National Savings and Investments (NS&I), which shows two thirds of the British population (66%) make resolutions and nearly half of Brits (47%) do so continuously throughout the year. 

But nine in 10 of these resolution makers (92%) fail to keep all their resolutions, with two out of five (44%) giving up within the first week.  By the end of the first month, three quarters (73%) have broken them.  A lack of willpower and too much temptation are the key reasons given for failing.

When do Brits break their resolutions? (%)

• During the first few days (25)
  
• During the first week (19)
  
• During the first month (29)
  
• During the first three months (11)
  
• During the first six months (4)

Only a tiny 8% of Brits who set themselves resolutions always achieve their targets.

Favourite resolution day

Monday is the most popular day to turn over a new leaf, with 40% of Brits setting their resolutions at the beginning of the week, followed by 18% who set their resolutions on a Sunday, reflecting people's resolve to start the week on an upbeat note, perhaps after a weekend of indulgence.

Popular resolutions

Brits appear to be most concerned about their health, with many setting themselves resolutions to get fit (55%) or lose weight (47%).

Financial fitness also ranks highly on people's list of resolutions, indicating that Brits are aware of the importance of spending less (42%), saving more money (42%), and managing their debt levels (23%).  This bodes well for their financial health, if they stick to their resolutions.

Top five resolutions (%)

1. Getting fit (55)
   
2. Losing weight (47)
   
3. Spending less (42)
   
4. Saving more (42)
   
5. Learning something new (39)

Lack of willpower

Among the Brits whose resolve does not quite match up to their good intentions, many attribute their failure to achieve their resolutions to a lack of willpower (41%) and too much temptation (18%), suggesting that efforts to carry through their resolutions are only half-hearted.

Reaching your financial targets

However, those hoping to improve their financial health need not despair.  There are many practical steps to go about achieving the desired level of financial fitness and it does not have to be stressful.

Savings tips

• Set realistic targets
  
• Start by cutting back on one luxury a month
  
• Set up standing order to save regularly
  
• Limit credit card spending
  
• Get support from loved ones and friends
  
• Seek professional advice if necessary

Bridging the gap

John Prout, sales director at NS&I, comments: "It is encouraging that many people realise the importance of being financially fit and are setting financial targets for themselves.  Sunday and Monday are clearly the preferred days for reflection among Brits.  Unfortunately, resolutions fall by the wayside as the week progresses. To help bridge this gap, people can start by setting financial targets that are realistic and take practical steps to go about achieving them.  Making a simple positive decision - like setting up a regular savings arrangement - is one way of getting started.  The problem is that people get distracted too easily - either it is too difficult or not the right time.  Such decisions however - once made - really do fall into the category of 'no regrets'."