Money saving is often a challenging endeavour, firstly to start, but also to keep up throughout the year. However, with the effects of COVID-19 palpably felt by many families within the last year, saving money will be even more important. When starting this kind of journey, though, there are key steps to bear in mind to increase the likelihood of success.
“Taking advantage of the tax benefits of a stocks and shares ISA by using as much of your allowance as possible can also make a difference and offer more attractive returns than a regular savings account.”
As a third port of call, defining financial goals will help Britons to eventually reach these in the future.
This will involve both short term and long term goals, such as saving for a rainy day in the short term, or saving towards retirement in the longer term.
Having an idea of what a person would like to save, Mr Morgan explained, is likely to spur them on more and help these goals to be attained.
As savers opted for cash savings and typically received 94 percent lower returns than investors, it did not encourage many people to invest.
However, for those who are interested, the option may be able to provide solid returns for those who are willing to take some level of risk.
Finally, speaking about any money worries with family, friends, a financial adviser or an employer is key.
Mr Morgan encouraged people not to suffer in silence if they had any financial concerns in 2021.
For those who wish to receive another dimension of advice, there are also charities with the main purpose to help people discuss their money and finances.