A study of 2,000 adults looking into their future projections found that they believe they will own seven cars and visit 11 different countries in their lifetime. However, 59 per cent confess that the best laid plans often don’t pan out – and anticipate their aspirations might alter throughout their life.
This is mirrored by the 72 per cent who predict their spending habits will shift as priorities evolve. The main future priorities for those surveyed were enjoying nice holidays (50 per cent) and ensuring their children’s happiness (42 per cent), while one in five identified buying a new property as a significant goal.
The research was commissioned by AXA UK for its ‘Future You Will Thank You’ campaign. Tara Foley, CEO of AXA UK and Ireland, commented: “The future holds so many uncertainties that it’s hard to make steadfast plans, and unwelcome surprises can catch us all off guard. Making sure you’re protected if the worst should happen offers security and reassurance in a world where nothing can be taken for granted. Our research shows that people are thinking seriously about their future, investing money for a rainy day and taking out insurance to protect what matters most.”
Despite people’s best efforts, the research discovered that 58 per cent felt they should be doing more to safeguard their future self.
Health and wellness (56 per cent), financial planning (46 per cent) and emergency preparedness (24 per cent) are all areas that people feel they should focus on more, according to a recent survey.
The survey also revealed a strong awareness when it comes to future financial plans, with 49 per cent of respondents saying they have a blueprint to achieve their long-term goals. However, just nine per cent do not have a plan – and don’t intend to create one in the future.
Compared to previous AXA research in 2022, eating out and clothes remain the two expenditures people would like to curb when it comes to cutting back.
Interestingly, there has been an increase in people looking to spend more on holidays since 2022 (36 per cent, up from 27 per cent).
The research, conducted via OnePoll, also found that people continue to prioritise protecting themselves against unplanned eventualities by taking out insurance.
On average, adults spend an estimated £690 on their various insurance policies each year, which is £129 more than two years ago. This includes cover for car, home, mobile devices, health, travel and other valuable items.
Despite this, 43 per cent admitted they opted for the cheapest option when it came to buying insurance – in the hope they never need it.
Car (64 per cent), house (60 per cent) and contents (45 per cent) remain the top three insurance policies people purchase to protect themselves from unexpected future events.
Tara Foley commented: “As a society, we’ve experienced so many unexpected changes over the past few years and our survey shows people are aware of the need to protect themselves against future risks.”
“However, there is a growing aspiration for lifes luxuries, with a notable increase in those looking to holiday abroad compared to when we conducted similar research in 2022.”