A good retirement is among top 3 life goals

The top 10 life and financial goals of Britons have been revealed, with 97% of people saying it is important to set key goals in life. According to new research from Canada Life, the top three goals among for Britons are: being happy and content (67%), being in good physical and/or mental health (58%), and having a good retirement (53%). The rest of the top 10 aspirations among Britons were: Travelling 46% Owning their own home 46% Paying off debt 34% Having children 33% Having a successful career 31% Getting married 27% Having grandchildren 25% Source: Canada Life research When it comes to achieving long-term life goals, nearly four in 10 (39%) Britons believe that having a positive outlook is vital in reaching their aspirations. The research also revealed that money and finance were intrinsically linked to how people reach their life goals. Some 38% say they are using their salary and earnings to achieve their goals while 37% rely on careful budgeting and a third (34%) on savings. The findings are part of Canada Life’s ‘Long-Term Close Up’ campaign which plans to explore key themes, trends and psychological biases that influence long-term thinking throughout 2022. One of the findings so far is that over half (52%) of Britons say they have different bank accounts for different goals, a trend prevalent among the younger generations at 64% for Gen Z savers vs. 35% for Baby Boomers and older generations. It is not just finances that support the achievement of goals, according to the research. Many also rely on their personal networks, with over a fifth (21%) seeking advice from family and friends. Lara Bealing, head of marketing, Canada Life, said: “It is clear to see the important role that having goals plays in our everyday lives and just how many of us have goals and objectives. “Although thinking about the future can sometimes be uncomfortable, this research sheds light on the positive elements of life and what drives people forward. But there’s also clear acknowledgement that we can't achieve what we’d like on our own. And particularly when it comes to the finances needed to make our goals a reality, financial advisers are there to help. “We know it’s critical to get advice, however we also know it’s clear there is work to do for us to improve the accessibility of advice. We need to encourage more holistic conversations so clients feel confident in sharing their goals more openly to allow us to provide the best advice.” Further details here: https://www.canadalife.co.uk/long-term-close-up/ • The research encompassed three phases: An consumer online qualitative research project conducted for seven days in June with 24 consumers; 15 interviews with industry experts (advisers, investment banks and institutional pension decision makers) in July 2021 and an online survey of 3000 consumers running from 27 July to 12 August.

A good retirement is among top 3 life goals

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