Over a third of those in Wales entered 2016 in debt

New research from GetPaidTo reveals that although many are still suffering from last year’s debt, Wales is a nation of ‘wannabe’ savers with over a third aiming to put away cash in 2016

As we settle into the New Year, cashback and rewards site GetPaidTo can reveal over a third of those in Wales (35%) started 2016 in debt. Yet it seems many are determined to make a change next year with two-thirds (65%) hoping to enter 2017 in the black. 

The research, which surveyed over 2,000 people in the UK, found that the average Brit will take just over 9 months to repay their dreaded debt this year. Surprisingly, the research shows that those in Wales are the slowest at paying back debt, taking an average of 12 months, compared to the UK average of 9.3 months.

‘Wannabe’ Savers

It seems that despite the nation’s January debt, Britons are optimistic that this will be the year to save with over a third (38%) making a New Year’s resolution to save money for their future this year. In particular, those in Cardiff were most likely to make a plan to save for their future this year, with over 4 in 10 (41%) admitting to making this plan.

In fact, 65% of those surveyed made a finance-based New Year’s resolution for 2016 reiterating the need for people to improve their finances. However, only 8% aim to save for a purchase for someone else, demonstrating that holidays like Valentine’s Day and Christmas are far from many people’s minds when perhaps they should be preparing now.

Interestingly, it’s the young who are most likely to make a resolution to save for their own future, with over half (52%) of 16-24 year olds claiming that this year they will aim to put away cash for a rainy day.

On average, the survey respondents said they hope to save around £216.85 a month, making their financial resolutions a reality this year. However, for those ‘wannabe’ savers still suffering from last year’s spending in Wales, almost a quarter (24%) had no plans to put a specific amount away each month, showing that for many this could be a resolution which will not become a reality. 

GetPaidTo’s research is a worrying sign that although those in Wales plan to save, Wales is ultimately a nation of ‘wannabe’, rather than ‘actual’, savers. Previous research from GetPaidTo showed that over a quarter (27%) were still paying for the previous Christmas last August – indicating that perhaps the nation isn’t learning from last year’s mistakes.

Plan to save

With this in mind, cashback and rewards website GetPaidTo is encouraging the nation to take advantage of its opportunity to make great earnings and savings online, 24/7. GetPaidTo users can earn GPT Points by completing paid-for surveys, watching videos, listening to radio; all a form of market research for top brands and product testing companies.

They can then spend their GetPaidTo Points by selecting from either a cash transfer, gift cards or a Cashback Boost. Plus, when a user tells a friend about GetPaidTo and they begin earning points, GetPaidTo rewards the original user with 15% commission on their points earnings – for life. The site also offers ways to save money, with cashback shopping, discount vouchers and special offers from thousands of UK retailers.

Brits could even get ahead of the game and start saving for next Christmas with GetPaidTo’s Christmas Saver Club – the only saver club where there is no need to make monthly deposits, no tie-ins, no penalties, or any other restrictions.

“With 35% of people beginning the year in debt, it’s hardly surprising that only 9% begin saving for Christmas in January,” comments Karim Wilkins, CEO at GetPaidTo. “Using GetPaidTo’s Christmas Saver Club, people can be more prepared than ever saving for Christmas now and helping them start next year without all that leftover Christmas debt.”

To find out more about how to earn and save this year, sign up for GetPaidTo for free here. If you’re interested in saving and earning ahead of Christmas this year, check out the new GetPaidTo Christmas Saver Club here.