![[News] Japan Develops 10nm Nanoimprint Technology, with Potential to Tackle EUV Bottleneck – TrendForce](https://earth-news.info/wp-content/uploads/2025/12/329851-news-japan-develops-10nm-nanoimprint-technology-with-potential-to-tackle-euv-bottleneck-trendforce-360x180.jpg)
Brits slashed their discretionary spending by 41 per cent in 2023 – cutting back on takeaways, clothes, and nights out, figures have shown. The annual poll, of 2,000 adults, found that, despite persistent cost-of-living challenges, 53 per cent have either achieved, or made significant progress towards, their financial goals this year.
To do this, 40 per cent have spent less on non-essentials – while others have gone out less (35 per cent), budgeted (31 per cent), aimed to save more (27 per cent), and sold unwanted items (25 per cent). This saw monthly spending on takeaways fall by 47 per cent over the last year, from £85.26 in 2022, to £45.08. Meanwhile, money spent on nights out tumbled by 34 per cent – from £82.34, to £54.23.
Mobile phone bills have been cut by more than half, with the average spend now just below £50, as consumers seek better deals. And non-essential purchases of clothes and home furnishings were also reduced by savvy savers by more than 30 per cent, from an average of £102.62 a month, to £70.76.
It also emerged there has been a 42 per cent decline in the number of people living paycheque to paycheque over the last year – with just 17 per cent doing so in 2023, compared to 30 per cent in 2022. The research found 34 per cent have been motivated by the cost-of-living crisis to become more financially resilient, with 27 per cent taking greater control of their finances as a result – and 19 per cent even making a budget for the first time this year.
Brian Byrnes, head of personal finance at Moneybox, which commissioned the research, said: “2023 has been another challenging year for many people across the UK, with continued cost-of-living pressures. Yet, our latest research paints a hopeful picture. “We can see the significant lengths many people have gone to in order to make progress towards their goals, doing what they can to control their outgoings, as well as prioritising saving for the future.
“There are helpful rules of thumb when it comes to our spending – such as allocating 50 per cent of our income to our needs (e.g. rent and bills), 30 per cent towards discretionary spending, and 20 per cent towards our savings. When inflation is high, discretionary spending can be hard to track, but Brits have shown admirable control in this area – and, as such, have been able to make progress towards their financial goals in tough financial conditions.”
As we head into a new year, the research, carried out via OnePoll, revealed that achieving financial goals is a high priority for 54 per cent, compared to other, more “traditional” resolutions, like health and fitness, or learning new skills. The most popular financial resolution is to build up a rainy-day fund (31 per cent) – followed by investing (18 per cent), regularly making a budget (16 per cent), paying down debt (16 per cent), and saving to go travelling (16 per cent). However, 28 per cent have not set any financial goals for the coming year.
Moneybox’s Brian Byrnes added: “Taking the time in January to set goals can help put you on the right path for the rest of the year. As a former financial adviser, I have seen first-hand the benefits that can be gained from making, and regularly reviewing, a plan for your finances, to help you achieve your short- and longer-term goals.
“While it can be easy to set financial resolutions, sticking with them can be a challenge – so it’s important to ensure that goals are both realistic, and achievable. I would recommend setting calendar reminders every three months to check your progress. Celebrate your achievements, and adjust your goals as needed.
“There will always be unforeseen events that can take us off course, but keeping the end goal in mind is the best way to ensure you’re always moving in the right direction.”
TOP NON-ESSENTIAL SPENDS – MONTHLY SPENDING IN 2023, COMPARED TO 2022:
Mobile phones – £95.35 in 2022, £46.65 in 2023 Takeaways – £85.26 in 2022, £45.08 in 2023 Nights out – £82.34 in 2022, £54.23 in 2023 Other non-essential items – £102.62 in 2022, £70.76 in 2023
TOTAL: £365.57 in 2022, £216.72 in 2023
Story Saved
You can find this story in My Bookmarks.Or by navigating to the user icon in the top right.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Wales Online – https://www.walesonline.co.uk/news/uk-news/top-spending-cuts-2023-savings-28357074
