The idea of turning over a new leaf in terms of finances is arguably nothing new, especially at the turn of the year.
The excesses of Christmas, combined with the daily financial pressures of the rest of the year can leave many of us longing for a more stable foundation when it comes to what is in our bank accounts.
Young people often have a reputation for being a little reckless and naive and many would argue that the youthful attitude towards money is no exception. However, there is plenty of evidence to suggest that an increasing number of youngsters across the UK are beginning to take a more responsible view.
According to research from pensions and insurance firm Friends Life, those aged between 18 and 24 are now likely to prioritise the need to get in control of their money.
Indeed, the study found that those within this age group are more likely than any other to come up with a plan that will help them with their finances.
Luxuries first to go
It is no secret that by and large, many younger adults do not have to worry so much about pressures that come later in their adult life, with the popular conception being that 18-24-year olds often live what many would equate to as a life of leisure.
However, the survey from Friends Life found that nearly a third (32 per cent) of those within the age group are planning to substantially curb the amount they spend on leisure activities.
That number is nearly double the 18 per cent recorded for the rest of the population, suggesting that many young people are willing to give up some of the more enjoyable facets of life in order to secure a brighter financial future.
More than a third (35 per cent) of 18-24 year-olds said they wanted to increase their savings, buying a car (17 per cent) and a house (20 per cent) among the most popular financial goals.
It does seem as though young people are holding a greater potential to save, with some analysts claiming the trend could be down to the impact of auto-enrolment.
Research from Friends Life earlier in the year stressed the importance of actively contributing to retirement savings from a young age.
Andy Curran, chief executive officer, UK at Friends Life said: “As our thoughts turn to 2015, it is really interesting to understand what people’s financial priorities are. The positive news is that many feel confident about their financial situation and are already taking steps to ensure they plan ahead and save for both the short and long term. This is particularly evident among those aged under 25 who are just entering the workplace and appear to have a healthy approach to saving. This is a crucial shift in savings behaviour as our recent Retirement Savings Map found currently many people face a £96.67 per week financial shortfall in retirement. This demonstrates why it is so important for people to take control of their finances sooner rather than later.”