Just One In Four Adults Is Living The Life They Imagined For Themselves When They Were Younger

(MENAFN- SWNS Digital) "> Just one in four adults is living the life they imagined for themselves when they were younger. A poll of 2,000 adults found 40 per cent felt financially behind where they expected to be at their stage of life. Nearly a third (31 per cent) have failed to build the savings they once expected to, while 25 per cent had not progressed as far in their career and 22 per cent had missed their target for buying a home. Almost one in five (18 per cent) had not married by the age they once expected to; 17 per cent had missed their anticipated timeline for having children. More than four in 10 (44 per cent) had also put major property ambitions on hold, including home improvements, moving house or relocating. Henry Vaughan, VP of growth at Selina Finance [ ], a second charge mortgage lender which supports home improvements and assesses affordability primarily over the repayment period, 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. “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.” The study also found 35 per cent 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. Household bills and everyday expenses were the biggest causes of sleepless nights (51 per cent), followed by a lack of savings (48 per cent) and unexpected costs (44 per cent). Of those kept awake by money worries, almost a third (32 per cent) had lost sleep over debt, while 31 per cent worried about job security or a possible loss of income. The cost of living was also considered the biggest barrier to achieving life goals (36 per cent), ahead of family responsibilities (17 per cent), with low-wage growth and house prices both cited by 14 per cent. Two thirds (66 per cent) 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 per cent had delayed making improvements to their home, while 31 per cent had held off moving to a larger property. More than a quarter (27 per cent) had shelved plans to move to a different area, while 16 per cent had put an extension on ice, according to figures from OnePoll. High costs were the biggest stumbling block for 63 per cent, while 49 per cent lacked the savings needed to press ahead and 20 per cent blamed economic uncertainty. Among those with financial goals still to achieve, 41 per cent wanted to retire comfortably, 35 per cent hoped to build substantial savings and almost a quarter (24 per cent) 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 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.” TOP 10 MILESTONES BRITS ARE MISSING: Travelling more extensively Building savings Progressing further in their career Contributing more to their pension Buying a house Achieving a better work-life balance Getting married Having children Retiring early Paying off debts

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