Brits Look To Treat Themselves After Reaching ‘Financial Targets’
Keywords: finance, personal, loans, credit, reward
Upon completing their financial goals, the majority of Britons will not give something back to society, new statistics show.
Research released by the Motley Fool indicates that after reaching their monetary targets, for instance completing loan repayments or paying off the mortgage, only six per cent of respondents intend to donate some of their money to good causes. Comparatively, 94 per cent of those surveyed believe that “charity starts at home” when it comes to giving to others.
However, the financial services provider pointed out that the “spiralling debt culture hasn’t ground us all down”. Following saving successfully for their “financial tomorrow”, a “relatively generous” eight per cent of people living in the south-east of England aim to give some of their money to charity.
Overall, going travelling was revealed to be the most popular spending priority after financial goals have been met accounting for just under a third (31.1 per cent) of consumers. Meanwhile, taking the time to pursue hobbies and interests was said to be the main objective for a quarter of those surveyed by the Motley Fool, with 7.2 per cent aiming on making a large luxury purchase such as a boat or classic car. About a fifth are looking to improve their property, with a home improvement loan a possible option of funding such expenses, as 10.9 per cent simply wish to relax and enjoy a quiet, peaceful life.
David Kuo, head of personal finance for the Motley Fool, said: “It seems that many of us believe that charity begins at home even after we achieve our financial goals. This is not entirely unreasonable given that attaining financial objectives is never easy, especially if we set tough targets for ourselves. Consequently, there is nothing wrong with rewarding ourselves generously after we reach our financial targets”.
“But the road to complete financial independence is not about setting a single set of objectives, it’s about constantly setting and reviewing new goals for ourselves. If you budget correctly, you will not only be able to see the world, but see the world saved too.”
For those looking to give to charity, the Motley Fool reported that consumers should consider making use of Gift Aid to avoid lining the taxman’s pocket or lending their time and skills to worthy causes. Using a charity credit card was also mooted as a way of giving back to charity as it will “give as you spend”. However, the financial service firm advised consumers to use such a borrowing method with caution and to make sure they pay off the balance in full every month to avoid incurring additional debts.
Meanwhile, consumers looking to fund their life goals, whether their spending intentions range are purchasing a car or travelling the world, may well wish to take out a cheap personal loan to help them realise their dreams. In research carried out by Birmingham Midshires as part of its Life 2 report, Britons were shown to have reached financial freedom by the time they are 55, as they complete loans and mortgage repayments and have children who can manage their money independently. Jason Robinson, director of savings operations for the firm, claimed that after years of working and raising a family, such consumers “can look forward to a more relaxing way of life, with fewer financial strains”.
Abbi Rouse writes for AllAboutLoans.co.uk, an online loans comparison site, visit us today for information on all loan topics including secured loans UK applications and home loans from all leading UK providers. Our Site: www.allaboutloans.co.uk
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