A quarter of adults will cut back, according to the Money Advice Service poll, because they expect next year to be harder on their personal finances.
One in five believed they would find it harder to cope in 2015, whilst just half as many (10%) expect things to get easier.

{desktop}{/desktop}{mobile}{/mobile}

The top reasons people expect to find it harder to manage financially in 2015 versus 2014 were:

• Inflation (54%)
• No pay rise (36%)
• Expecting a pay cut (17%)

Top reasons people expect to find it easier to manage financially in 2015 versus 2014:

• Expecting a pay rise (48%)
• Will have paid off loans (20%)
• Had a major expense in 2014 (17%)

Almost half (47%) of those who said they plan to reduce their spending were hoping to cut back by buying cheaper alternatives to their usual products. Forty one per cent also plan to spend less socialising, while over a third (35%) say they will spend less on clothing.
Some 26% said that they planned to spend less on presents for others in 2015, while 25% will take a packed lunch to work in a bid to reduce day-to-day spending.
Twenty two per cent aim to make changes to the way they manage their daily finances in 2015 – with 56% in this group saying they will stick to a monthly budget. Nearly half (45%) said they would put aside some money each month, and 36% will simply make more of an effort to live within their means.
Jane Symonds, from the Money Advice Service, said: "Managing finances better and thinking about ways to reduce spending are great New Year's resolutions – whether you are making them out of necessity, or to free up a little extra cash to spend on the things you enjoy."   

Get FREE daily news summaries direct to your inbox. Sign up on the homepage now.

Follow us on Twitter  and get frequent news alerts @FPM_online.

Or follow Editor Kevin O'Donnell - @FPM_Kevin or staff writer James Nadal - @FPM_James.

For the latest Sipp, SSAS and retirement news visit our sister news site www.sippsprofessional.co.uk and on Twitter @SippsPro.