The data also reveals that people in the south west of England were the most likely to describe themselves as having a sense of financial freedom (47 per cent), closely followed by those in Wales (45 per cent) and those residing in Yorkshire (42 per cent). Whilst those aged 25-34 cited having disposable income at the end of the month (38 per cent), paying off all bills in full each month (38 per cent) and being able to treat themselves without worrying about their balance (29 per cent).īy contrast, for those aged 18-24 the focus was on not being afraid to check their bank balance (29 per cent) and saving more money each month (30 per cent).Ĭlare continues, “By making the most of the tools available, from setting a savings goal to help you build up that rainy day buffer, to using spending insights in your app to help you stay on top of where your money is going and what you have available to spend, you can take steps to make money work for you.” When asked what would help them feel financially free, those aged 45-54 said stopping full time work (37 per cent) and being on track for early retirement (32 per cent). Paying for things without needing to check my bank balance first Paying off all bills in full each monthġ0. Having disposable income available at the end of the monthħ. Being confident that I can cover any unexpected costsĦ. Top 10 ways Brits define financial freedomģ. 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 some of the most popular ways to feel financially free. 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. “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.” 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 £60,000 a year to avoid worrying about money all together.Ĭlare 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. 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. 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. Barclays has rallied its experts to help the nation break down the barriers holding them back from financial freedomĢ6th 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. Two thirds say financial freedom is about feeling in control of their money in their day-to-day lives.Only 39 per cent of Brits say they feel some sense of financial freedom.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.
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