Britons have the potential to save nearly £2,000 per year by leveraging a set of 10 digital tools to monitor various aspects of their expenses, as per recent research findings. The study, involving 2,000 individuals, revealed that budgeting apps are the most effective in cost-cutting, with 38% of users managing to save an average of £240 annually through diligent spending tracking.
The research also highlighted the popularity of smart meter displays, with 38% of households monitoring their finances using this tool, resulting in savings of approximately £174 on yearly bills. Additionally, 15% of participants benefited from flight alerts, securing discounted travel deals and saving an average of £206. Britons are also actively checking petrol prices, leading to annual savings of around £155.
Financial expert Bola Sol, collaborating with Smart Energy GB for the study, emphasized the importance of financial monitoring in achieving economic efficiency. She emphasized that regularly checking financial status, akin to checking the weather, fosters better financial habits and relationships with money.
Notably, a significant 86% of individuals using financial tracking tools reported feeling more in control of their finances. Over half of these users (55%) indicated that saving money was their primary motivation for utilizing tracking tools, with 43% aiming to better plan for future financial objectives.
Real-time updates on financial matters are now favored by half of the surveyed individuals. Instant updates assist four in 10 users in adhering to budgets, while an equal number appreciate the visibility their tracking tools offer into their expenditure patterns. Furthermore, a third of participants believe that real-time tracking aids in making quicker financial decisions, and 24% find value in analyzing their spending by category.
A significant proportion of Britons (40%) are actively using smart meter displays to monitor energy usage, with 42% of them checking it daily. Consequently, 66% of participants view the smart meter as an indispensable tool in their household budget management.
Victoria Bacon, the director at Smart Energy GB, highlighted the simplicity and effectiveness of tracking tools for saving money. She pointed out that real-time access to spending data, facilitated by smart meters, is crucial for many households in managing energy costs efficiently. Smart meters, provided at no extra charge, display energy consumption in monetary terms and contribute to reducing energy bills.