Oh, blimey! It looks like a right bunch of folks are feeling the pinch when it comes to their dosh as we head into the new year. According to a study from KPMG UK, a whopping 4 out of 10 people are saying they feel less financially secure than they did at the start of 2023. Talk about a gut punch.

The survey, which had a chinwag with 3000 Brits about their financial feelings for 2024, found that way more people are feeling worse about their money situation compared to those who are feeling more secure. In fact, it’s almost double the amount. That’s a whole lot of stress about money, innit?

So, what’s the plan, then? Well, it turns out that around two-thirds of folks are planning to tighten their belts when it comes to non-essential spending in 2024. And you won’t believe what’s at the top of the chopping block – scoffing out. Yep, a whopping 78% of people said they’re planning to cut back on restaurant meals. Takeaways and clobber are also on the hit list, with 70% and 57% of people looking to spend less in those areas, too. Blimey!

But get this, those numbers are a whole lot higher than they were last year. In 2023, only 46% of people said they were planning to cut back on eating out, 42% on takeaways, and 42% on clothing. That’s a massive leap! It looks like a lot more people are feeling the money squeeze compared to twelve months ago.

And it’s not just noshing and getting kitted out that’s taking a hit. The survey also found that people are planning to buy more own brand and value produce in 2024, and take advantage of promotional and discount items. Plus, more people are saying they’ll do their shopping at lower cost stores and use retailer loyalty schemes to save some cash. It seems like everyone’s on the lookout for a right bargain, ain’t it?

Linda Ellett, who’s the UK Head of Consumer, Retail and Leisure for KPMG, says that as more people are facing higher mortgage rates or rent, they’re needing to cut back on the stuff they don’t really need. And it looks like these new spending habits are here to stay, with around half of folks saying they’ll keep buying cheaper own brand, value, promotional, or discount items in 2024. It’s all about those savings.

But it’s not just about tightening the purse strings – people are also trying to get better deals on things like broadband, mobile phone, and TV services. And when it comes to using savings, it seems like most folks are planning to keep the piggy bank closed in 2024. Lots of people said they’ll only be using their savings for holidays, while others will use them to pay essential bills or chip away at their mortgage.

It seems like everyone’s feeling the strain when it comes to money, and it’s making us all think twice about how we spend our hard-earned cash. Here’s hoping we can all find some good deals and keep our spending under control in 2024! Cheers!