What matters most: money stats on doing more for your future
Here at Yolt, we’re all about giving you the power to do more with your money – whatever your goals may be! So, whether it’s saving for the future or finding deals, we aim to empower our community to do more with their money so they can focus on what really matters! To find out just what matters most, we sent out a quick-fire survey to some of our community. From the here and now to five years on, the results showed interesting insights on how we plan for and protect what we care about.
Life goals! 23% said their 5-year goal was to be debt free
A booming career, a new house, a debt-free living - we all have different life goals, and it was great to hear from some of our community on what they hope for in 5 years’ time!
Fast-forwarding to the future, 23% of respondents said that their number one goal was to be rid of all debt. It seems like for almost a quarter, getting out of the red was a priority in the coming years.
Without a doubt, staying in the black can give you the control and freedom to plan for more exciting things. If you’re not sure where to start, Money Saving Expert has a fantastic guide all about it. Their first recommended step? Sort your spending with a budget plan! We’ve got lots of great tools to get you started with Yolt, from your Total Balance to budgets for over 20 categories. For another 27%, their top goal was starting a family or owning their own place! Exciting times ahead. Budgeting and cutting back on some little luxuries might help you get there, but as we found in our blog, saving for a house deposit is much more complex. Check out our fun blog on what it might take to save for a house in London! Spoiler - it’s more than a weekly avo toast!
You’ve struck gold! 30% would invest their winnings if they won the lottery
We’ve all dreamed about winning the lottery – maybe it’s even one of your life goals! But how would you spend the winnings? Treat your family, invest it, take off on a trip of a life time?
We asked our community exactly that, and guess what - another set of forward thinkers! That’s right, 30% would invest it – sensible bunch. For some of our community, it seems like staying ahead of the game and putting aside some savings for the future would be their top choice if they hit the jackpot.
Another fifth of respondents fancied jetting off on a round the world trip, if they were to luck out! Fingers crossed!
What we care about: 29% said family was their #1 priority right now
But how about the here and now? Lifelong dreams and wishes aside, what does our community care about the most every day? It might not shock you to learn that the majority of respondents said that right now, family means the most to them. 17% also said that their significant other is most important. As we always say, we want to empower our community with their money so they can focus on what they value most. If there’s one thing you can’t put a price tag on, it’s the people who enrich our lives every day!
How we plan for the future: 81% said putting aside savings is most important
So, we care about our family and partners, we want to be free of debts, we want to be secure for the future – but how do we plan for it?
In response to ‘what three things do you think are most important when planning for the future’, 81% chose ‘putting aside savings’ in their top 3! Future you will be thankful! That said, over half of respondents also valued focusing on their health and building strong social relationships when it came to planning for the future.
We also couldn’t help but notice that for many, money makes up a big part of their future goals, and how they plan to get there. Makes total sense! But interestingly, just 13% considered insurance as one of the top ways to go when planning for their future.
Protecting what matters! Meet our friends at Anorak
In our survey, we asked how many people had life insurance. Though 37% said that they did, this means 63% haven’t taken out a policy. Sure, maybe it’s not something you want to think about – in fact, 32% of those without life insurance said they had never thought of it, either! Maybe you don’t have a mortgage, or a family who depends on your income, but it’s never a bad idea to get some advice – especially free advice catered just to you!
Being the sensible bunch that we are, checking out what life insurance deals are out there can never do any harm! We get it, thinking about the future can be scary, especially when it comes to planning for the worst. But we think protecting what you care about most, shouldn’t be an extra worry. That’s why we’re working with Anorak, who make it easier than ever to protect your family, home and income. Because to them (and us!) that’s the stuff that matters.