Getting rich, travelling and avoiding debt – new research shows Brits’ top financial priorities

• The top three financial priorities overall are staying out of debt, having a comfortable and secure retirement and regular holidays
• Top financial priority for millennials is holidays (37%)
• A secure and comfortable retirement only becomes the top financial priority for those aged 55-64

New research from wealth manager Tilney shows the different priorities Brits have when it comes to their finances across the different age groups. For the majority, staying out of debt the key financial motivation, however this resonates less with the younger generation who cite travel & holidays and wanting to be rich as more important.

Having a comfortable and secure retirement only becomes the very top priority for those over the age of 55. This is despite the research also showing that the majority of the population (52%) believe that saving towards retirement should start in your 20s. This is most acutely felt among those imminently facing retirement, with 64% of people aged 55-64 believing saving should start in your 20s.

However, at the other end of the age scale, being able to afford regular holidays is seen as the top priority for the 18-24 bracket, followed by the desire to socialise in bars and restaurants. This obviously changes as we enter full-time work and staying out of debt becomes the number one overall priority for Brits, with this being felt keenest among those aged 25-54. Conversely, debt is not yet a consideration for the youngest age group, 27% of whom simple want to be rich!

The research also highlighted just how important leisure time is for Brits across all ages. While travelling and affording nice holidays is only the very top priority for the younger generation, it was listed in the top three financial motivations across every single age group.

Priorities also differ between the sexes, with men more likely to consider their retirement a priority, while for woman staying out of debt is the primary concern. Women were also more likely to see holidays as a key motivation than men. However, twice as many men as women expressed a desire to be rich.

Jason Hollands, Managing Director of Tilney, said: “The research really highlights just how much our priorities change over a lifetime. The younger generation seems financially aspirational, seeing the world as their oyster and wanting strike gold and be “rich”. However, this ebbs away rapidly as working life kicks in and the main priority becomes simply staying out of debt. Saving for a comfortable retirement is consistently seen as a key priority and more so as people age. However, it only becomes a top priority for us when we reach 55, a point at which it becomes harder to take the necessary steps to achieve this because the early you start saving for retirement, the better.

“One thing that seems to be in common across all the age groups, however, is the desire to travel and take regular holidays. In this current low wage growth environment, it is reassuring to see that Brits are still retaining their sense of adventure and enjoying their leisure time to the full.”