Only one in four adults say their life has turned out the way they expected when they were younger, a new study suggests.
A survey of 2,000 adults found that 40% feel they’re worse off financially than they thought they would be at this age. Around a third (31%) say they haven’t saved as much as they expected. A quarter (25%) feel they haven’t progressed as far in their career, and 22% say they haven’t managed to buy a home as planned.
Almost one in five (18%) say they weren’t married by the age they thought they would be, and 17% say they didn’t start a family when they expected to.
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More than four in 10 (44%) also say they’ve put off major housing plans, such as renovating their home, relocating, or moving house.
Henry Vaughan, VP of growth at Selina Finance who commissioned the research said: "It can be frustrating when life doesn't go to plan financially, particularly when you feel you're falling behind the milestones you hoped to reach.
"Everyone's circumstances are different, and homeowners may need extra funds at various stages, whether for home improvements, consolidating existing commitments or supporting other life plans.
"As with any borrowing secured against your home, it's important to ensure repayments are affordable and find an option that works for your individual circumstances."
The research revealed that 35% had experienced sleepless nights due to financial concerns over the past year. Those impacted lost sleep on approximately five and a half nights each month, amounting to roughly 67 nights annually.
Household bills and day-to-day spending were the primary sources of insomnia (51%), followed by insufficient savings (48%) and unforeseen expenses (44%).
Among those experiencing sleep disruption from financial stress, nearly a third (32%) had been troubled by debt, while 31% fretted about employment stability or potential income reduction.
The cost of living was also identified as the greatest obstacle to fulfilling life ambitions (36%), surpassing family obligations (17%), with stagnant wages and property prices both mentioned by 14%.
Two thirds (66%) viewed purchasing a home as one of the most challenging achievements in the current economic climate, while three in 10 highlighted accumulating savings and an equal proportion mentioned retiring in comfort.
Amongst those who had postponed housing plans, 58% had deferred home improvements, while 31% had delayed upgrading to a bigger property.
Over a quarter (27%) had shelved plans to relocate to another area, while 16% had frozen extension projects, according to data from OnePoll.
Rising costs were the biggest barrier for 63% of people. Nearly half (49%) said they didn’t have enough savings, and 20% said economic uncertainty was holding them back.
Among those who haven’t reached their money goals, 41% want to retire comfortably, 35% want to build up big savings, and almost a quarter (24%) want to be debt-free.
Half believed a higher income or pay rise would assist them in reaching their goals, while a quarter sought lower housing costs and one in five felt clearing existing debts would make a difference.
Henry Vaughan of Selina Finance, which specialises in helping homeowners leverage their property value to fund aspirations such as home improvements, debt consolidation, school fees and…
