Just under 1 in 10 would like nothing more than being able to buy their team’s new football shirt as soon as it comes out
Brits unveiled what financial freedom really looks like. Source: unsplash.com
According to Barclays, being debt free (48%), paying off the mortgage (43%) and confidently covering unexpected costs (41%) topped the list of what’s deemed to be markers of financial freedom.
While the routes to achieving financial freedom varied, the survey found that only 39% of respondents would describe themselves as being ‘financially free’ right now, with the average adult thinking they are nearly 12 years away from reaching that goal.
In fact, 1 in 4 adults worries they aren’t saving enough every month to reach their financial targets, with some suspecting that they’d need to earn just under ￡60,000 a year to avoid worrying about money altogether.
Indeed, according to 66% of Brits, financial freedom isn’t about reaching all their monetary goals, it’s more about feeling in control of their finances day-to-day. Saving more money each month (34%), not comparing their financial situation to anyone else’s (21%), and having clear financial goals to aim for (19%) were some of the most popular ways to feel financially free.
Top 10 ways Brits define financial freedom
1. Having no debt
2. Mortgage is paid off
3. Being confident that I can cover any unexpected costs
4. Feeling in control of my finances
5. Saving money each month
6. Having disposable income available at the end of the month
7. Paying off all bills in full each month
8. Having rainy day savings set aside
9. Not worrying about when payday is
10. Paying for things without needing to check my bank balance first
When asked what would help them feel financially free, those aged 45-54 said stopping full-time work (37%) and being on track for early retirement (32%). Whilst those aged 25-34 cited having disposable income at the end of the month (38%), paying off all bills in full each month (38%) and being able to treat themselves without worrying about their balance (29%).
By contrast, for those aged 18-24 the focus was on not being afraid to check their bank balance (29%) and saving more money each month (30%).
We’ve reported that PayPal users in the UK can now buy, hold and sell cryptocurrency.
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