Just one in four adults are living the life they pictured for themselves during their younger years, as new research uncovers the key milestones that grown-ups have fallen short of reaching.
A survey of 2,000 adults revealed that 40% feel financially behind where they thought they would be at this point in their lives. Nearly a third (31%) have failed to save as much as they hoped, while 25% haven't advanced as far in their careers and 22% have missed their target for getting on the property ladder.
Sleep lost over money worries
Almost one in five (18%) say they weren't married by the age they expected, and 17% say they didn't have children when they thought they would. More than four in 10 (44%) also say they've put big housing plans on hold, such as home improvements, moving house, or relocating.
The research reveals 35% had been kept awake at night by money worries during the previous 12 months. Those affected lost sleep on an average of five and a half nights a month, the equivalent of around 67 nights a year.
Cost of living as the biggest barrier
Household bills and everyday expenses were the primary causes of sleepless nights (51%), followed by a lack of savings (48%) and unexpected costs (44%). Of those kept awake by financial worries, almost a third (32%) had lost sleep over debt, while 31% worried about job security or a possible loss of income.
The cost of living was also deemed the biggest barrier to achieving life goals (36%), ahead of family responsibilities (17%), with low-wage growth and house prices both cited by 14%. Two thirds (66%) considered purchasing a home one of the hardest milestones to achieve in today's economy, while three in 10 selected building savings and the same number cited retiring comfortably.
Housing plans postponed
Among those who put off housing plans, 58% delayed home improvements and 31% held off moving to a bigger home. More than a quarter (27%) dropped plans to move to a different area, while 16% postponed building an extension, according to OnePoll. Rising costs were the biggest barrier for 63% of people. Nearly half (49%) said they didn't have enough savings, and 20% blamed economic uncertainty.
Among those who haven't met 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 reckoned a higher salary or pay increase would enable them to reach their targets, while a quarter desired reduced housing expenses and one in five felt eliminating existing debts would make a difference.
Advice from Selina Finance
Henry Vaughan, VP of growth at Selina Finance who 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.
"Everyone's circumstances are different, and homeowners may need extra funds at various stages, whether for home improvements, consolidating existing commitments or supporting other life plans.
"As with any borrowing secured against your home, it's important to ensure repayments are affordable and find an option that works for your individual circumstances."
Henry Vaughan for Selina Finance, which specialises in helping homeowners use the value in their property to fund goals such as home improvements, debt consolidation, school fees and business investments, 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."
