A new survey of 2,000 UK adults has found that four in ten (40%) feel they are financially worse off than they expected to be at their current age, with nearly a third (31%) saying they have not saved as much as they had hoped.
Only one in four adults say their life has turned out the way they expected when they were younger. A quarter (25%) feel they have not progressed as far in their career, and 22% say they have not managed to buy a home as planned. Almost one in five (18%) say they were not married by the age they thought they would be, and 17% say they did not start a family when they expected to.
Housing plans delayed
More than four in ten (44%) say they have put off major housing plans, such as renovating their home, relocating, or moving house. Among those who had postponed housing plans, 58% had deferred home improvements, while 31% had delayed upgrading to a bigger property. Over a quarter (27%) had shelved plans to relocate to another area, and 16% had frozen extension projects, according to data from OnePoll.
Rising costs were the biggest barrier for 63% of people. Nearly half (49%) said they did not have enough savings, and 20% said economic uncertainty was holding them back.
Sleep loss and financial stress
The research revealed that 35% had experienced sleepless nights due to financial concerns over the past year. Those impacted lost sleep on approximately five and a half nights each month, amounting to roughly 67 nights annually. Household bills and day-to-day spending were the primary sources of insomnia (51%), followed by insufficient savings (48%) and unforeseen expenses (44%).
Among those experiencing sleep disruption from financial stress, nearly a third (32%) had been troubled by debt, while 31% fretted about employment stability or potential income reduction.
Cost of living as a barrier to life ambitions
The cost of living was also identified as the greatest obstacle to fulfilling life ambitions (36%), surpassing family obligations (17%), with stagnant wages and property prices both mentioned by 14%. Two thirds (66%) viewed purchasing a home as one of the most challenging achievements in the current economic climate, while three in ten highlighted accumulating savings and an equal proportion mentioned retiring in comfort.
Among those who have not reached their money goals, 41% want to retire comfortably, 35% want to build up big savings, and almost a quarter (24%) want to be debt-free. Half believed a higher income or pay rise would assist them in reaching their goals, while a quarter sought lower housing costs and one in five felt clearing existing debts would make a difference.
Henry Vaughan, VP of growth at Selina Finance, which commissioned the research, said: "It can be frustrating when life doesn't go to plan financially, particularly when you feel you're falling behind the milestones you hoped to reach."
He added: "It's encouraging that despite the financial pressures people have faced, many haven't given up on the things they still want to achieve. Whether that's improving the home they already own, moving somewhere new, building their savings or becoming debt-free, having to postpone a plan doesn't necessarily mean abandoning it. Understanding what's affordable and exploring the options available can help people work out how to start moving those ambitions forward again."
