Barclays-Brits Reveal What Financial Freedom Really Looks Like.
ENPNewswire-August 27, 2021--Barclays-Brits Reveal What Financial Freedom Really Looks Like
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Release date- 26082021 - Being debt free, feeling in control of finances and the ability to buy their team's new football shirt cited as signs of financial freedom.
Only 39 per cent of Brits say they feel some sense of financial freedom
Two thirds say financial freedom is about feeling in control of their money in their day-to-day lives
Barclays has rallied its experts to help the nation break down the barriers holding them back from financial freedom
26th August 2021: As the nation continues to adjust to 'freedom' after a return to life without restrictions, new research from Barclays reveals what financial freedom really looks like.Being debt free (48 per cent), paying off the mortgage (43 per cent) and confidently covering unexpected costs (41 per cent) topped the list of what's deemed to be markers of financial freedom. For just under one in 10; however, they'd like nothing more than being able to buy their team's new football shirt as soon as it comes out.
While the routes to achieving financial freedom varied, the survey found that only 39 per cent of Brits would describe themselves as being 'financially free' right now, with the average adult thinking they are nearly 12 years away from reaching that goal.
One in four adults worry they aren't saving enough every month to reach their financial targets, with some suspecting that they'd need to earn just under GBP60,000 a year to avoid worrying about money all together.
Clare Francis, Director of Savings and Investments at Barclays, said, 'It's easy to think that being financially free is a long term goal that can only be achieved through big financial milestones so it's unsurprising the research showed that over half of adults feel like they won't ever reach a state of financial freedom.
'However, when you look at the top things people are aiming for, these are sentiments we can help people to master right now so they can enjoy their day-to-day lives feeling free in every sense of the word.'
Indeed, according to two thirds (66 per cent), financial freedom isn't about reaching all their monetary goals, it's more about feeling in control of their finances day-to-day. Saving more money each month (34 per cent), not comparing their financial situation to anyone else's (21 per cent), and having clear financial goals to aim for (19 per cent) were...
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