Looking after the pennies
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An extract from a Royal London study into the impact of regular monitoring on household spending and saving.
Executive summary
We all want to make the most of our money. Yet 19 million people in the UK don’t have an approach to budgeting they feel works and many struggle to manage their day-to-day money. Saving and setting aside money for emergencies can be hard and it’s estimated that 21 million people in the UK have less than £500 in savings to cover unexpected bills like mending a boiler or replacing a fridge.
At Royal London we wanted to look at whether budgeting tools could help people manage their money better. To do this we asked a selection of our customers to use a mobile phone budgeting app or a simple pen and paper method to create and keep a budget for three months. We asked them about their budgeting habits and how they manage their finances at the start of the study and then again at the end. In addition we ran forums and interviewed some of the participants.
In this r...
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