Brits’ resolve falters as one in four New Year’s resolutions fail already

The start of 2008 has seen huge numbers of British adults deserting their good intentions yet again, with over one quarter of all New Years’ Resolutions failing within a month.

According to research from Unbiased.co.uk, the organisation promoting the benefits of independent financial advice, 31million (or 68%) Brits made a New Year’s resolution but only three quarters of resolutions are still intact.

Financial resolutions however, have proved more durable, as less than one in five (18%) of resolutions with a financial theme have fallen by the wayside already this year.

Of further interest is the fact that of the 14 million British adults who made a financial resolution, only just over one in four (27%) took advice on doing so, with less than a million taking the time to see their independent financial adviser.

Unbiased.co.uk’s annual New Years’ Resolution research shows that:

31 million British adults intended to start 2008 with a New Year’s resolution, but 25% of those resolutions failed before the end of January.

Of those who embarked on a New Year’s resolution this year, nearly half (41%) hoped to lose weight, nearly a third (32%) wanted to do more exercise, one in five (21%) wanted to save more money, whilst just less than that (19%) vowed to reduce their debts.

More women than men made resolutions (73% of women compared to 63% of men), and London and the Midlands are the worst areas for giving up their Resolutions’ early. Unsurprisingly, younger age groups are worse at keeping their resolutions than older generations.

David Elms, Chief Executive of Unbiased.co.uk, commented, “It is encouraging to see how many people intend to get their finances in order in 2008, however it is all too easy to let good intentions go to waste. Setting manageable goals and seeking professional independent advice from an IFA could encourage you to persevere with your resolutions and improve your finances. It is also worth noting that consumers continue to value independent financial advice, as this research also shows that more people go to an IFA than a bank adviser to get advice on how to get their finances in order.”