A third (31%) of adults are saving more than they were last year, while young people in particular are spending more time thinking about money, research has found.
A survey from RCI Bank found a third (31%) of adults are saving more per month now than they were last year, generating a total of about £750 in extra cash over the course of the year.
The research, which sampled 2,000 adults, found a quarter (25%) of families were spending some extra 21 hours per year thinking and talking about money than they were six months ago, with one in ten (9%) spending at least two extra hours per week doing it.
Those aged between 18 and 34 had almost doubled the time spent on their finances in the last six months, up from an average of 46 minutes to 1 hour 35 minutes per week, the survey found.
The research signalled a welcome change in the way people deal with their finances. However, it pointed to regional variations, with people in the South typically devoting more time to money matters than their northern counterparts.
While families living in the South spent about an hour and a half (1hr 32mins) discussing money each week, those in the North devoted an hour and 17 minutes to it, it found.
A third of families the increased engagement made them better savers, with a further third saying they were able to find better deals on their finances once they started sharing ideas with each other.
Despite this, however, many families are still falling into the government's JAM (‘just about managing') category. According to TotallyMoney.com CEO Alastair Douglas, "there are a large proportion of adults in their 20s and 30s using credit cards as a means of ‘just getting by'".
RCI Bank CEO Jean-Louis Labauge said: "We welcome the news that so many families are putting more money away than they were 12 months ago, and that adults are securing their financial future with an extra £750 a year in their savings pots."
He added: "With the festive season fast approaching, it is important families plan ahead to the best of their abilities, as strong saving habits can go a long way to make the holiday period less stressful."
Brighton was ranked as the city with the highest amount of time spent on money talk, with an average of 1 hour 37 minutes per week, while Newcastle showed the least amount of time devoted to money, with an average of 1 hour per week.
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