What makes you feel secure?
Just how much does the nation rely on their finances to feel stable in their day to day lives? Research* carried out by pensions advice specialists, Portafina, reveals exactly what Brits crave for their own security, both in life and financially.
When asked what makes them feel financially secure, a staggering three quarters (72%) of Brits said that having savings was the number one factor they look to achieve. The average amount of savings those polled said they would need/have to ensure stability is £34,254,47, much higher than the average rainy-day fund. According to HMRC data, the average ISA saving is £21,339.1 The research also showed that those who own a home are 37% more likely to feel financially secure than those who rent (66% vs 29%).
What makes Brits feel secure financially:
- Having savings (72%)
- Owning a house (65%)
- Having no debt (53%)
- Having more money coming in than going out (35%)
- Having a rainy-day fund (28%)
- Owning a car (26%)
- Not hitting zero in your bank account (21%)
- An empty credit card/not maxed out credit card (19%)
- Not using your overdraft (17%)
- Knowing you can afford to help your friends/family financially without it impacting your own life (15%)
Putting money aside, Portafina asked the nation what other ‘life factors’ make them feel more secure. The top five were:
- Having a steady, long-term job (46%)
- Being in a long-term relationship (42%)
- Having a close relationship with your parents/children (36%)
- Being married (31%)
- Living near to family (30%)
Unsurprisingly, having a steady, reliable job is the number one lifestyle factor that nearly half of Brits need to feel secure (46%). Closely followed by the strength of relationships with partners, parents, children or friends. Interestingly, women feel more secure than men if they have a close relationship with their parents and children (40% vs 29%) or live near their family (33% vs 26%).
Commenting on the research, Jamie Smith-Thompson, managing director of Portafina said:
“It doesn’t come as a huge surprise that the top three things that make people secure are financially rooted. Yet, most importantly, knowing where you stand with your finances can help you focus on your plans and the bigger picture overall.
“Whatever you have, being organised is key to being financially secure. It could mean that you and your family have more freedom in your life choices now and in the future. So, where do you begin on the road to financial security? Here are three top tips that will get you started.” Jamie Smith-Thompson