The report explored what “luxuries” people could not do without, and found gym memberships and hobbies were seen as the most essential, with 35% of people feeling this way about each, followed by streaming services, with 32% of people perceiving them as an essential.
Although only one in five (21%) of people feel they are on track to reach their financial goals, with three in 10 (30%) saying they are prioritising other costs right now, the vast majority of people with goals (85%) feel they are achievable.
Around one in six (15%) people believe wealth is linked to the strength of personal relationships and for 14%, wealth aligns to a good work-life balance and the ability to enjoy life.
The research also explored people’s top financial goals, showing that the majority of people (81%) are working towards at least one goal.
Half of (49%) people surveyed across the UK believe that having investments is a key measure of wealth, with the ability to retire early (48%) and to travel often (48%) following closely behind.
