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Being debt free and buying a home are people’s top life priorities

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13/10/2020
Financial priorities dominate the list of life goals, but hurdles such as high house prices and a lack of financial knowledge are big concerns
Being debt free and buying a home are people’s top life priorities

People’s top priority in life is to be debt free, followed by buying a new home and spending more time with family, according to Hodge.

The bank said that four out of the top 10 life priorities are financial goals after it surveyed 3,000 people about their attitude to their finances.

Over half – 58% – said their biggest priority is to be debt-free.

The top 10 life priorities for people across the UK are:

  1. Being debt free
  2. Buying a new home / first home
  3. Spending more time with family
  4. Improving health and fitness
  5. Funding retirement
  6. Improving own self-esteem/happiness
  7. Supporting family / loved ones (non-financially)
  8. Travelling
  9. Career
  10. Saving for children, grandchildren.

Emma Graham, business development director at Hodge, said: “The results of our research highlight the importance people place on having financial security and freedom to make choices that allow them to enjoy life.

“Our research also showed that those who were happy with their finances were more optimistic about the future and generally more satisfied with life in general. There’s no doubt that having plans in place to ensure financial security has a direct correlation on wellbeing and life satisfaction.”

Hurdles to overcome

The research also revealed the obstacles that people face in trying to achieve their life goals.

For example, of those looking to buy a house in the next five years, the main challenges they stated are high house prices, their ability to save money and needing to first pay off debt.

Graham continued: “When asked about the challenges that impact how people feel in their lives, the inability to save and lack of financial knowledge featured significantly as one of the top concerns.

“At Hodge we feel really strongly about the importance of seeking financial advice and being more open about finances and having those tricky conversations about money.”

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