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Going for goals

Introducing our deep dive into the role of goals in long term financial planning

The next area of exploration within our Long Term Close Up Campaign focuses on the role of goal setting. What are our goal setting habits? What goals do we have and how do we work towards them? And crucially, what role do advisers play with helping their clients to set and achieve their goals?

The overwhelming majority of Brits (97%) have long-term goals and aspirations. Currently the top three long-term life goals are being happy and content (67%), being in good physical and/or mental health (58%), and having a good retirement (53%). These emotionally-driven goals are closely tied to our financial health. How well do you know your clients’ drivers?

 

 

Throughout this exploration we aim to build an understanding of how the way we set goals and the type of goals we set, impacts long-term financial futures.

 

Goal setting and the finances needed to fulfil them are intrinsically linked, so we’ll explore the fundamental interplay between them too. 

 

We’ll start to look at and understand the goals and objectives that motivate your clients throughout their lives and how advisers can work with clients to stretch their thinking around longer-term goals.

Our aim is to support advisers in truly understanding the breadth of a client's goals, enabling you to have deeper conversations and support them in building a plan to make their goals a reality.

Ultimately, as an industry we know the benefit of starting early and having expertise on your side! Those who work with an adviser earlier on and share their goals and dreams, will be well supported along their road to reaching their goals with the help of a clear plan.

Because we want to create a world where everybody has better, brighter futures, we’re sharing our explorations with you. We’re sharing what we discover and learn, so that you can build on your own knowledge too; helping us all to work together, to build better futures.

So where will our explorations take us?

  • Power of positivity - We’ll discover what makes Brits a nation of goal-setters and the psychology behind how we set our goals
  • Happy & healthy - These qualities lead our goals and aspirations, how do they drive our lives everyday - we’ll hear from people across the UK
  • Close connections - Goals, milestones and finances are closely connected, we’ll build an understanding of why, and how they work together and how advisers are making a difference
  • Shifting perspectives - Goals shift and change as we age, demonstrating evolving priorities and the continuing impact of the goals and milestones we’ve already reached
  • Driving force - Families and relationships are the primary motivator to setting and reaching goals and their influence on our financial decision making can’t be ignored .

Exploring the impact that family has on the long-term view and the opportunities this could bring to advisers will be our next area of focus. As we continue to explore the role of goal setting in long-term thinking you can expect to see more data, more insight, more real people views, more psychological perspectives and more from advisers like you.

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Sources:

  1. Source: Research for Canada Life was conducted in partnership with Savanta.  Read more about the research.