Consumer champion Alice Beer on Gateway 97.8

New research shows that UK consumers are determined to take greater control of their personal finances in 2021 following last year’s financial uncertainty amid the COVID-19 pandemic. 

More than a quarter (28%) said they have been inspired to improve their financial know-how. The research commissioned by Santander shows this rises to 42% among adults aged 18-34, suggesting the events of 2020 have made this group particularly attuned to the importance of money management.

While nearly two thirds (64%) of people check that their household’s regular bills or Direct Debits have been paid every month, the research shows that many people don’t know the real cost of their household bills. More than a third (35%) of adults report that they are regularly surprised by how expensive some of their household bills are.

Younger adults are generally less familiar with their bills than their parents or grandparents, according to the research. Of the respondents, four in ten (41%) of those aged under 34 said they had no idea or could only make a ‘guesstimate’ of the cost of their utility bills (gas, electricity, water). By comparison, eight in ten (80%) of those over 55 knew the exact figure or within £10.  

Ros discussed this research with consumer champion, Alice Beer: