Do you have a 5-year plan and is it achievable?

13th January 2019
13th January 2019 Lee Hall

This year 66% of adults claim they will get their finances straightened out, and 1 in 3 intend to create a 5-year plan to help them get to where they want to be by 2024.

On average, those creating 5-year plans say they will set five goals to meet over the next five years. The most common goals are to become debt-free (60%), buy a new car (51%), and have enough in savings to go on a dream holiday (42%). These are followed by moving to a bigger house (37%) and moving a portion of their salary into investment savings every month (33%).

FEWER THAN 1 IN 10 BRITS SEE THEIR NEW YEAR’S RESOLUTIONS THROUGH

  • Just 9% of Brits managed to stick to their New Year’s resolutions in 2018
  • More than half of Brits break their resolution as early as February
  • 66% of Brits are planning to make 2019 the year they straighten out their finances

BRITS ARE turning over a new leaf in 2019. Following a shambolic year of broken New Year’s resolutions two thirds of Brits are promising to sort out their finances this year… and keep their resolve.

A survey of 1,001 UK adults carried out by Oaksmore ISA, an on-shore FCA-regulated Innovative Finance ISA, found that fewer than 1 in 10 Brits (9%) managed to see all of their New Year’s resolutions through last year.

In 2018 the average adult set themselves just two resolutions but more than half of Brits (55%) broke their resolutions as early as February.

The survey found the hardest resolution to stick to was “get up earlier” with 81% of those attempting this quickly reverting back to their old ways and hitting the snooze button.

Other resolutions which seem to lack longevity included “go to the gym at least once a week” and “spend less money eating out” however both of these proved tricky for the majority of Brits with 53% falling off the gym wagon and 48% giving in to temptation and going out for more meals than they had intended.

Your 5-year plan

Your 5-year planThis year 66% of adults claim they will get their finances straightened out, and 1 in 3 intend to create a 5-year plan to help them get to where they want to be by 2024.

On average, those creating 5-year plans say they will set five goals to meet over the next five years. The most common goals are to become debt-free (60%), buy a new car (51%), and have enough in savings to go on a dream holiday (42%). These are followed by moving to a bigger house (37%) and moving a portion of their salary into investment savings every month (33%).

Reuben Skelton at Oaksmore said: “Planning ahead and investing savings wisely over a few years can revolutionise the way we live. Especially with Brexit looming, it’s time Brits start putting their finances to work and making plans for a brighter, more comfortable future – or at the very least to safeguard against the uncertainties ahead.

“Putting together a five-year savings plan is a great way to get started. By investing into an Innovative Finance ISA with a decent interest rate, Brits can receive impressive returns which over the course of a few years could amass substantial savings.

Top 5 goals for the 5-year plan:

  1. Become debt-free (60%)
  2. Buy a new car (51%)
  3. Save enough for a dream holiday (42%)
  4. Move to a bigger house (37%)
  5. Put money into investment savings each month (33%)
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Lee Hall

Lee Hall

Lover of all things FAST. If I am not in the office, you can find me near a track or under a car. I also work with a great people in TrendLife's Editorial team.