New research reveals that only one in four UK adults are living the life they originally imagined for themselves, with financial stress keeping many awake at night. A poll of 2,000 adults found that 40% feel financially behind where they expected to be at their stage of life.
Nearly a third (31%) have failed to save as much as they expected, while 25% have not progressed as far in their careers and 22% have missed their target for buying a home. Almost one in five (18%) had not married by the age they once expected to, and 17% had missed their anticipated timeline for having children.
Key milestones missed
More than four in 10 (44%) have also put major property ambitions on hold, including home improvements, moving house, or relocating. The study was commissioned by Selina Finance, a second charge mortgage lender which supports home improvements and assesses affordability primarily over the repayment period.
Henry Vaughan, VP of growth, 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.”
Sleepless nights and financial worries
The study found 35% had been kept awake at night by money worries during the previous 12 months. Those affected lost sleep on an average of 5.5 nights a month, the equivalent of around 67 nights a year.
Household bills and everyday expenses were the biggest causes of sleepless nights (51%), followed by a lack of savings (48%) and unexpected costs (44%). Of those kept awake by money worries, almost a third (32%) had lost sleep over debt, while 31% worried about job security or a possible loss of income.
Barriers to life goals
The cost of living was also considered 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 buying 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.
Among those who had postponed property plans, 58% had delayed making improvements to their home, while 31% had held off moving to a larger property. More than a quarter (27%) had shelved plans to move to a different area, while 16% had put an extension on ice, according to figures from OnePoll.
High costs were the biggest stumbling block for 63%, while 49% lacked the savings needed to press ahead, and 20% blamed economic uncertainty. Among those with financial goals still to achieve, 41% wanted to retire comfortably, 35% hoped to build substantial savings, and almost a quarter (24%) wanted to become debt-free.
Half believed a higher income or pay rise would help them achieve their goals, while a quarter wanted lower housing costs, and one in five felt clearing existing debts would make a difference.
Henry Vaughan 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.”
