Emergency Funds Top List of Best Financial Advice for Brits, Survey Shows
A recent poll of 2,000 adults in the United Kingdom has uncovered that the most valued financial guidance among Britons is to always maintain an emergency fund. According to the study, 29 per cent of respondents ranked this as the best piece of financial wisdom they have ever received.
Conducted by Skipton Building Society, the research also highlighted other highly regarded tips. Nearly a fifth, or 19 per cent, cited learning to live below their means as one of the most helpful recommendations. This was followed by advice to start investing early, mentioned by 14 per cent, and making the most of tax-free savings, noted by 12 per cent. Additionally, 12 per cent emphasised the importance of saving before spending as a key strategy.
Worst Financial Advice Includes Credit Card Encouragement
However, not all financial guidance has been beneficial. The survey found that 21 per cent of adults admitted to being encouraged to 'just put it on a credit card', regardless of their ability to pay off the debt. Furthermore, 39 per cent reported receiving unsolicited financial advice, with 44 per cent encountering such tips in unexpected places like pubs, social media livestreams, and from taxi drivers.
Over half of Brits, specifically 51 per cent, expressed difficulty in knowing which financial guidance they can genuinely trust. This uncertainty is compounded by the fact that 38 per cent find the volume of financial advice in everyday life overwhelming, and 53 per cent believe they would benefit from clearer, more personalised support.
Skipton Building Society's Campaign with Natalie Cassidy
To address these issues, Skipton Building Society launched an ISA campaign in collaboration with EastEnders actress Natalie Cassidy. The initiative involved surprising London commuters with taxi rides where Cassidy and a financial expert discussed ISAs, smart saving habits, and the importance of reliable professional advice.
Natalie Cassidy, known for her role as Sonia Fowler, shared her enthusiasm for the project, stating, "I loved speaking to people about their finances in a way that felt natural and honest. Good advice should be clear, simple, and actually useful – no fluff, just something you can act on."
The campaign aimed to flip the concept of 'unexpected advice' by providing genuine, helpful money tips in a fun and memorable manner, underscoring the critical need for trusted financial guidance.
Financial Confidence and Challenges Ahead of ISA Changes
The study also delved into Brits' financial confidence and attitudes towards upcoming ISA changes set for 2027. It revealed that 29 per cent think about their personal financial situation daily, while 61 per cent feel confident in their ability to save for the future. Notably, 29 per cent are more optimistic about their finances compared to the previous year.
Despite this optimism, challenges persist. Seventy-two per cent of those feeling less positive cited the rising cost of living as a major barrier, alongside increases in essential expenses (62 per cent) and a lack of disposable income for savings (49 per cent).
Regarding ISAs, 69 per cent feel confident about the new rules, which will reduce the cash ISA limit to £12,000 for those under 65. However, 38 per cent of Cash ISA holders indicated they will not fully use the current £20,000 limit before 2027 due to insufficient spare income. Encouragingly, 37 per cent would likely seek professional advice to maximise their ISA entitlement.
Top and Worst Financial Advice Lists
The survey compiled lists of the best and worst financial advice according to Brits:
Top 10 Best Financial Advice:
- Make sure you have an emergency fund
- Live below your means
- Try not to get into too much debt
- Track your spending
- Avoid high interest debt
- Start investing early
- Get on the property ladder as soon as possible
- Take advantage of tax-free savings (e.g., ISAs)
- Pay yourself first – save before spending
- Invest your money in bricks and mortar
Top 10 Worst Financial Advice:
- Just put it on the credit card
- Just enjoy the money now
- Crypto will make you rich
- Money isn’t important
- Property always goes up
- Pensions are a scam
- Small expenses don’t matter – just ignore them
- Don’t worry, you’ll inherit some money later in life
- Put your money into high-risk investments
- Invest in what is trending right now
Alex Sitaras, head of savings at Skipton Building Society, commented on the findings, saying, "Our research shows that many people aren’t sure where to turn to for financial advice, and often pick up guidance in the most unexpected places. We focus on giving people straightforward, reliable support to help them make informed decisions."
To further assist savers, Skipton Building Society is launching a 'Free Fare Day' on 7th April across major UK cities, offering free taxi rides and ISA tip sheets to encourage savings. This initiative aims to make financial guidance more accessible and practical for everyone.
