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Will your New Year's resolution last or are you a serial resolver?

• Over 3 million people make the same resolution every year

• A quarter will lose their resolve within a week

• 4 million Britons aim to tackle their finances in 2004 but budgeting and advice is central to making best intentions last, says IFA Promotion

 

More than seven million UK adults say they will embark upon 2004 with a New Year’s Resolution.  However, almost half are making the same pledge year in, year out, and over one in eight (1.3 million) will have lost their resolve within a week, reveals annual research* from IFA Promotion, the organisation promoting the benefits of independent financial advice.

The research, conducted by independent research agency, BMRB*, on behalf of IFA Promotion, shows that overall next year’s most popular resolutions look set to mirror those of previous years:

Over half (51% - 3.9 million) of the UK’s New Year resolvers are pledging to grapple with their finances.

One in four of those making resolutions (1.9 million) want to give up smoking.

Going on a diet is a high priority, with 9% resolving to lose weight in 2004 three times as many women as men are making this one of their chief resolutions.

Keeping fit is also a priority with 1.6 million people pledging to exercise more next year. 

However over 4 million (44%) will see their resolution fall by the wayside by the end of January, whilst a quarter (1.1 million) of people’s resolve won’t even last the week, if this year’s ‘perseverance levels’ are echoed in 2004.

When quizzed further about their finances:

A third (2.4 million) plan to save more in 2004 helping to redress the lost art of budgeting in the UK.

Over 1.2 million plan to combat Christmas spending sprees by vowing to get out of the red in the New Year.

David Elms, Chief Executive of IFA Promotion commented, “It’s good to see that high up the list of New Year’s resolutions for 2004, people are intending to focus on their finances as part of their good intentions for next year.  January is a great time to step back and see how your money could be working harder for you over the next twelve months and beyond.  Two thirds of Brits claim not to be able to save more, but by budgeting better and balancing their spending and debt, millions could.”

He concluded, “Rather than recycle an unsuccessful resolution year after year, this year we’re urging people to be realistic when setting their targets for 2004.  Committing to sort out your finances has never been more important especially with the recent rise in interest rates and possibility of more. By sharing some financial goals with an IFA, this may be one worthwhile resolution that lasts through to next year.”

Call 0800 085 3250 or visit www.unbiased.co.uk/getsaving for IFA Promotion’s new Join the Saving Revolution guide, looking at why we need to save, and how you can budget to save more, and options for where to put any extra money.  You can also obtain details of local independent financial advisers to talk through the most suitable savings options for you.

 

For further information call

David Elms, CEO                                       Liz Willder / Shellie Wells

IFA Promotion                                            Lansons Communications

020 7833 3131                                           020 7294 3641 / 77 or lizw@lansons.com

For expert comment or case studies from over 170 media-friendly IFAs, journalists should call IFA Promotion’s Media Services hotline on 020 7294 3682 or search online in ‘Media Services’ at www.unbiased.co.uk

1.  Independent Financial Adviser Promotion

IFA Promotion was established in 1989 to promote the value and accessibility of independent financial advice to the public.  It represents over 10,000 firms of independent financial advisers across the UK and is sponsored by 27 leading financial institutions. In 2002, over 300,000 consumers and businesses used IFA Promotion to find local independent financial advice.

IFA Promotion believes Independent financial advice should be:

        Affordable.  The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society.

        Convenient.  IFAs should be available in the location of the consumer’s choice, wherever they live in the UK.

        Transparent.  It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.

2.      Independent Financial Adviser Promotion’s sponsors

AXA	Norwich Union Life
Bright Grey	Old Mutual Asset Managers
BUPA	Prudential
Canada Life	Scottish Equitable Plc
Children’s Mutual	Scottish Life
Clerical Medical Investment Group	Scottish Mutual Assurance Plc
Eagle Star	Scottish Provident
Friends Provident	Scottish Widows Plc
GE Life	Selestia
GMAC Residential Funding	Standard Life Assurance Company
INVESCO Fund Managers Ltd	Skandia UK Group
Legal & General	Winterthur Life UK Ltd
Mortgage Express	Zurich Life Assurance Company
National Savings & Investments