Low savings rates top Moneywise users’ list of financial concerns for 2017

19 December 2016
Image

Nearly a third (27%) of Moneywise.co.uk users say their biggest financial concern for 2017 is poor savings rates as a result of interest rates staying low.

The top savings rates have been slashed since the Base Rate fell from 0.5% to 0.25% in August.

The Base Rate cut was also the second biggest financial issue our readers were concerned about in 2016. Our separate poll looking at this year’s major financial events, found that 23% thought the Base Rate cut had the most potential to impact their finances. 

 

The next biggest issue on the horizon for the New Year – receiving 23% of the votes – is Brexit having a negative impact on investments and savings.

The referendum vote was also the event from 2016 that Moneywise users had already voted as having the most potential to impact their finances – receiving 39% of the votes in a previous poll.

In third place was the potential for more government meddling with the state pension age in 2017 – with 14% of the 941 people who voted saying this was their biggest financial concern for the New Year.

State pension age changes for women have been a huge worry for many this year. For more on this read Time’s not on women’s side.

Moneywise users aren’t, however, very concerned about the big event across the pond. Following Donald Trump being elected as the next President of America, only 4% of Moneywise users said their biggest financial worry for 2017 was a negative ‘Trump’ impact on investments – and only 6% said it was their biggest financial concern of 2016.

Few were also concerned about house prices rising or falling in the New Year (2%), the introduction of landlord tax (3%), and difficulties getting out of debt in 2017 (3%).

It’s worth noting that in 2016, the third most important event that had the potential to impact finances the most, was the falling value of the pound (20%) – something that’s hit holiday makers and those with investments in certain UK companies hard.

See the pie charts below for the full 2016 and 2017 poll results:

 biggest financial concern for 2017  biggest financial concern in 2016

Add new comment