A recent study of 2,000 adults has unveiled the true meaning of financial freedom, with several key indicators identified. Owning a car without any finance, paying off the mortgage, and having no debt emerged as significant markers of financial security.
Additional signs of financial freedom include feeling confident about covering unexpected costs, not worrying about checking one’s bank balance, and routinely flying first class. Another aspect of financial freedom is being able to afford branded products rather than relying on own-brand items.
However, despite aspirations for financial freedom, over half of adults (53 percent) believe they may never achieve it. A spokesperson from Barclays, which commissioned the research, suggests that taking proactive steps towards financial control, such as starting to save money early in life, can help individuals attain a sense of balance and security.
According to the study, individuals who believe they might achieve financial freedom anticipate it will take nearly 12 more years to reach that stage. Other indications of financial freedom mentioned in the survey include the ability to indulge oneself without worry, not having to work full-time, and having enough funds to make home improvements without saving up.
Interestingly, nearly one in ten respondents expressed a desire to be able to purchase their favorite football team’s new shirt as soon as it is released. However, financial worries persist for many, with one in four adults concerned about not saving enough each month to reach their financial goals, and 12 percent unsure of the most effective money management strategies.
On average, Brits believe that earning approximately £60,000 per year would alleviate financial concerns. Additionally, two-thirds of respondents view financial freedom as feeling in control of day-to-day finances, rather than simply reaching specific financial targets.
To enhance financial wellbeing, the study recommends several tips, including assessing total debt and setting achievable repayment goals, starting small with savings and gradually increasing contributions, considering investments for long-term goals, utilizing additional income to reduce mortgage balances faster, and reviewing expenditure to identify areas for potential savings.
The top 50 signs of financial freedom identified in the research demonstrate the various dimensions of financial security and stability that individuals aspire to achieve in their lives.
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