Brits plan to retire early yet less than one in five actually have any intention of saving so they can - choosing instead to splurge on lavish holidays, flash cars and fine dining. A new study analysed people's financial goals and quizzed 2,000 people about them, in particular safeguarding their financial futures.
Well-intentioned Brits set financial goals, with more than half (56%) having five or more they want to achieve in life, but they're failing to put their money where their mouth is and save properly. At a time when the country is grappling with both a cost-of-living and cost-of-borrowing crisis, almost two-thirds (63%) of those surveyed for the Bestinvest study have set financial goals, such as clearing all their debts (29%) and saving for a rainy day (23%).
But they seem to be pie-in-the-sky ambitions as people appear to be less inclined to match their retirement ambitions with adequate savings. While almost a quarter (23%) of those surveyed have the goal of retiring early, worryingly fewer than a fifth (19.8%) actually intend to save for their retirement and only 14% consider having a pension a key financial goal.
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