• Tech on the rise: 72% rely on tech to manage their finances
• Confidence in money management: 78% prefer to make their own savings decisions
• Savings horizons: 71% of savers and investors are planning to spend some of their savings in the next five years
• Shopping around: 3 in 10 (31%) likely to open a new savings account in the year ahead

New research published today from ClearBank and YouGov – UK consumer attitudes to saving and investing: are providers meeting their needs? – reveals that increasing competition and ongoing economic uncertainty are transforming how Brits manage their money. Nearly two-thirds of those surveyed (64%) are setting aside funds for 'a rainy day' – fuelling financial technology adoption and self-driven money management. 

Faced with economic volatility, Brits are seizing control of their finances. Nearly half (48%) of those surveyed say geopolitical tensions have made saving and investing more critical than before. A high number are storing up funds for a rainy day tops savings priorities for 64% of respondents, followed by major purchases (39%) and retirement (36%). Meanwhile, nearly a fifth (18%) now use saving and investing to supplement a regular income. 

Personal financial confidence is also surging with:

• 78% prefer to make their own saving decisions
• 73% are confident in managing their savings
• 29% see professional financial advice as less crucial today

Tech is reshaping the financial landscape, with 72% of those surveyed saying it is key to money management. Yet, rapid tech advancements have also created fresh concerns, with 54% increasingly worried about data leaks or privacy concerning their savings/ investments. Despite this, younger Brits are embracing innovation: over a third (34%) of 25–34-year-olds surveyed would trust AI to manage their investments/savings if it meant lower costs.

Nearly three-quarters of savers and investors (71%) are now planning to spend some of their savings/ investments in the next five years. Travel tops spending plans for 39% of savers/ investors in the next five years, followed by home improvements (36%), buying a car (25%), or purchasing a home (21%). Meanwhile, those looking to use savings for a celebration, a tech buy, or supplementing an income lag at just 11%.

While loyalty to existing providers remains strong – with 54% having used their main savings provider and 42% having used their main investment provider for over five years – consumers are increasingly shopping around. With 57% of savers now using multiple providers and 31% of those surveyed planning to open a new savings account this year, there are signs the tide is starting to turn.

In an increasingly crowded space, key priorities for consumers opening new accounts are: 

• Competitive interest rates (60%)
• Ease of use and accessibility (40%)
• Brand trust (37%)
• Zero account or service fees (34%)

The maturing fintech market is playing a clear role in these shifts. While most Brits still bank with traditional providers, 30% of those surveyed would now consider fintech banks for their primary accounts. And this reflects a wider move towards more tech enabled savings and investment platforms, with nearly half (48%) of all people surveyed viewing online savings and investment platforms as the future – a view held by almost two-thirds (63%) of under-35s.