Over one in three plan to spring clean their finances in 2015

09 April 2015

Falling fuel prices keep essential spend low as consumers feel the benefit to their wallet and look to make the most of their cash

  • Over a third (37%) plan to review their finances this spring.
  • Paying off debt, switching savings and switching energy providers are among the top priorities.
  • Of the people looking to spring clean their finances, over one in ten (13%) plan to switch current account providers.

The latest research from Lloyds Bank shows that as falling food and energy prices are easing the pressure on household finances, more than a third (37%) of people are planning to make the most of their extra cash this spring. Those who are planning a spring clean are looking at a variety of ways to tidy their finances, from switching providers to searching out the best deals in the market.

Over three quarters (78%) of people surveyed continue to have at least some disposable income and a fifth (21%) believes they will have more money in six months time.  Whilst over half (53%) tend to spend any spare cash they have, the report shows a marked desire to want to save more money in the future. The most common actions people are considering include switching energy provider to lower fuel bills (29%), paying off existing debt (23%) and moving savings for a better rate (22%).

Over one in ten (13%) plan to switch current account providers as part of their financial spring clean, with around 10%  saying they will be opening a high interest current account to use for savings.

Of the people looking to switch current accounts or open a new current account, the key motivator for doing so is to seek out better interest rates (67%). Over a third want better rewards and offers on their account (34%) and almost a quarter (22%) are looking for better customer service.

Claire Garrod, Head of Current Accounts at Lloyds Bank, said: "Many people are looking to spring clean their finances at this time of year, and it’s great to see people considering a variety of ways to manage their money.

“It is also encouraging to see people looking for more value when switching or opening current accounts. Accounts such as the Club Lloyds current account are proving popular with the benefit of giving customers the interest rates and rewards that they’re looking for.”