By the time we’re just one week into the New Year, 7% of financial resolutions have fallen by the wayside. After 6 months, it’s almost two thirds (63%).
A whopping 76% of people who have set financial resolutions say they’ve never, ever, managed to stick with it to the end of the year.
And it all varies with age, with 39% of those aged 55 and over having stuck with at least one financial resolution for at least a year – compared to 14% of those aged 18-34*.
So, what should we ask ourselves to choose resolutions we can stick with?
This article isn’t personal advice. If you’re not sure if an action is right for you, ask for advice.
Is this realistic?
If you set unrealistic goals, and try to get there too quickly, you’ll soon run out of momentum.
Set realistic, achievable goals like paying down expensive debts, building emergency savings, or paying into a pension or Stocks and Shares ISA. Then build a budget around them, and allocate a sensible, affordable sum every month to work towards them.
Am I trying to do too much?
Lifestyle change is hard, so a complete overnight lifestyle transformation is going to be incredibly difficult to stick with. Far better to set clear, achievable goals, one at a time.
There’s nothing stopping you setting a goal a month – or every couple of months – so you’re not trying complete overnight reinvention.
Am I doing the difficult things first?
Sacrificing things like takeaway coffee seem like clear winners, because it’s essentially a luxury. But giving up all the little things that make each day a bit more pleasant, you’ll end up making ten difficult decisions a day, and eventually just give up.
It’s a good idea to cut back on luxuries, but before you give up the things you love, it makes far more sense to give up the things you don’t love at all – like overpaying for your energy bills or buying expensive grocery brands.
Is this a destination or a map?
Sticking with a resolution is about having a map not just a destination. You’ll know where you want to get to, but it’s just as important to know the first step you need to take to get there – and the second and so on.
Don’t just say ‘I want to spend less’, say ‘I want to spend less and I’m going to start by keeping a spending diary for a month to see where my money is going.’
Am I making this too difficult?
It’s much easier if you can automate your resolutions. If you need to build your savings, set up a Direct Debit to go into a savings account each month.
To start investing, a regular investment is a great option, where your Direct Debit pays into an investment account like an ISA, every month.
If you want to build your pension, consider your monthly contributions. Just do what you can afford and set it up to come out of your account before you have a chance to miss it – so you automatically do the right thing every month. Remember, you can access money in a pension from age 55 (rising to 57 in 2028).
You could be surprised at how your nest egg builds. If, for example, you were to invest £100 a month for ten years, and have average growth of 5% (after charges), you’d be sitting on £15,528.
Investment returns will vary depending on the investments you choose. Investments and any income from them will rise and fall in value, so you could get back less than you invest.
* Figures in this article are from a survey of 2000 people by Opinium for HL in September 2025