More than half (51%) of people aim to save more as 2020 rolls out, while more than four in 10 (44%) want to spend less, according to new research.

Now that Christmas is over, a quarter (26%) admit they overspent, and 42% say they now need to get their finances back on track. More than a quarter (27%) also feel uncomfortable about their current level of debt, and over half (57%) want to feel more in control of their finances - increasing to two-thirds (65%) for those aged under-55.

The research was carried out for the Open Up 2020 Challenge - an initiative which aims to boost people's awareness of open banking by providing funding to financial tech companies.

What is open banking?

Open banking uses people's financial data in a secure way to help them make choices, based on their own spending and saving habits. A range of products and services are available that use open banking to help people with things like budgeting, managing debt, and saving automatically.

Some of these apps are now finalists in the Open Up 2020 Challenge, run by Nesta Challenges in partnership with the Open Banking Implementation Entity. They include...

Creditspring: a credit service aiming to help people with limited savings or persistent debt to cope with unexpected expenses.

Moneybox: helps customers save and invest for their future by setting money aside through round-ups or regular deposits.

Moneyhub: this pulls together multiple accounts, offering people insights to help them improve their financial wellbeing.

Plum: an artificial intelligence assistant that may boost someone's bank balance through automated savings, bill switching and investments.

Tully: provides help with online budgeting, debts and money coaching to help alleviate financial stress.

Updraft: designed to help millennial users clear their overdraft, pay off credit cards and save more.

There are 15 finalists in total, which have received £50,000 in funding and support to help them develop their product. Between three and four finalists will go on to be named winners in July 2020, receiving a further £150,000 to 200,000 each so they can help even more people to manage their money.