Many adults have cut back significantly on non-essential spending

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. 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.

Meanwhile, 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 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, while 19 per cent made a budget for the first time this year.

Brian Byrnes, head of personal finance at