- Being financially stable has been named as the top goal or dream by almost 7 in 10 people
- 52% said financial barriers were the biggest obstacle to achieving their goals
- Over half say setting goals makes them feel motivated to work towards them
9 in 10 of us are working towards some kind of goal or aspiration according to new research1 from Canada Life, with the majority (70%) working to achieve financial stability. This was followed by becoming a homeowner (40%) and then to be successful in their job (37%).
Almost three-quarters of people felt that they had the power to achieve their goals in their own hands, however 1 in ten felt this was completely down to luck.
Just over half of people (52%) said financial barriers were the biggest obstacle to achieving their goals leading some to put their plans on hold. In fact, 28% of respondents said that they had done this because they had less disposable income to put towards their plans. This was followed by having low motivation (23%) and not wanting to take risks during uncertain times (19%).
For some people, the act of setting the goal was inspiring in itself. Over half, (51%) said they felt motivated by having the challenge. Over two-fifths (41%) said they felt organized and in control of their life while chasing a dream. However, for others there are different emotions like anxiety or worry experienced by almost a third (29%) when tackling a new challenge. Thinking about what hasn’t been achieved was a cause of upset for over 1 in 10 (15%).
"I know from experience that having a goal to work towards can be extremely motivating, as it gives us that boost to keep going in the face of difficulties and obstacles."
Canada Life has collaborated with Rugby Union legend Matt Dawson to highlight the importance of setting goals to achieve professional and financial dreams.
Matt Dawson commented on the results:
“The vast majority of us are working towards achieving a goal or aspiration, whether it’s to do with our personal, financial or professional lives. I know from experience that having a goal to work towards can be extremely motivating, as it gives us that boost to keep going in the face of difficulties and obstacles. It’s encouraging to see in Canada Life’s research that many of us believe we have the power to achieve our own goals, however it’s only human nature to sometimes feel overwhelmed by the challenge. When we were tasked with bringing home the Rugby World Cup for England in 2003, or even when I set out to win Celebrity Masterchef, I had an unwavering focus on how I could improve every day. Long term goals are easier to achieve when the focus is daily. Small incremental gains soon deliver huge leaps and significant change.”
Lara Bealing, Marketing director at Canada Life added:
“In a world where the short-term has become the everyday, we can take inspiration and tips from legends like Matt to think further ahead and have a clear plan on how to get there. Many of us believe we have the power to achieve our own goals, however it’s only human nature to sometimes feel overwhelmed by the challenge. Achieving our ambitions rarely, if ever happens over-night, but don’t be downhearted as making regular small steps towards a goal really can grow into huge strides.
A great first step is to seek the help of a financial adviser who can create the right path to financial freedom, whatever life throws at us.”
By identifying what it is you really want from your future, you can take the first step towards setting your goals. But you don’t have to do it alone. If you would like guidance on how to plan for the long-term, a financial adviser can help you. You can visit unbiased.co.uk to find an adviser that’s right for you.
The Money and Pensions Service is also there to help with guidance through their MoneyHelper service.
- Source: The research was carried out online by Research Without Barriers – RWB, between 18th February 2022 and 22nd February 2022, from a sample comprising 1,001 UK adults.