And finally…most Scots plan life only months or even days ahead, wealth manager finds

And finally…most Scots plan life only months or even days ahead, wealth manager finds

Nearly three in five (57 per cent) of people in Scotland plan their lives only days (38 per cent) or weeks (19 per cent) ahead, according to new research from wealth managers Brewin Dolphin.

The firm’s analysis has revealed that Scots are taking a more “live-for-the-moment” approach to life, and while 14 per cent of people in Scotland plan for years ahead, very few (3 per cent) plan for future decades.

This may explain why only 7 per cent of adults in Scotland with life goals know how they will achieve them.



The findings come as the firm asks the nation to write letters to their future selves to help them describe and plan for their long-term life goals. By asking people to imagine what they want their life to be like when they retire, people think much further ahead than they ever normally do.

To kick off its Life Stories campaign, Brewin Dolphin commissioned a bespoke writing project with 500 people asking them to look deep into their future lives in a bid to uncover what really matters to them.

Liz Alley, Divisional Director of Financial Planning at Brewin Dolphin, said: “When asked to write a letter to describe their ideal future lives people were very good at imagining it. But they don’t know how they will get there. The next step is to build a bridge from now to that future self by putting a plan in place to get there.”

The writing exercise has uncovered how people really envisage their life in the future. Brewin Dolphin is showcasing some of the letters that stood out, to highlight some of the best articulations of what people want in the future. See notes to editors.

The 500 letters, all anonymous, illustrate that wellbeing in old age pivots on simple hopes - family, health and happiness - rather than extravagant financial ambitions. A well-balanced life was a key aspiration for many respondents. The letters confirm a clear hierarchy of needs and aspirations in life that many of us would have expected: family/partner, followed by career and financial security, followed by hobbies, and interests including friends.

While a handful of the 500 respondents hope for lottery wins or gold medal glory, the overwhelming majority express their desire to remain healthy and active in old age; to live ‘comfortably’ with some degree of financial security. The letters revealed a nation aspiring to much more grounded ambitions - the centrality of family, a desire to travel, learn through life, and to have fulfilling but balanced careers with work/life balance.

To support the letter writing campaign, Brewin Dolphin also commissioned a survey of more than 2,000 UK adults to gauge people’s current wellbeing and life goals.

Among its findings, the research found that, when it comes to life goals for the future, travel is a primary ambition for over just under half (47 per cent) of people in Scotland. This is followed by getting fit and exercising (46 per cent), eating heathier (40 per cent), spending more time with friends and family (35 per cent), and to retire from work (18 per cent). Money is the main obstacle (31 per cent) preventing people in Scotland from achieving their goals, then motivation (27 per cent), followed by energy (23 per cent) and time (19 per cent).

When it comes to financial goals, more than one in five people (21 per cent) in Scotland have none whatsoever. Among those with goals in mind, a quarter (25 per cent) have not worked out a strategy and don’t know how they will achieve their goal/s. This compares to one in five (20 per cent) across the UK. The top financial goals in Scotland are: save for a rainy day (47 per cent); earn more money (30 per cent); reduce or clear debts (25 per cent); save for special occasion (21 per cent); pay off mortgage (14 per cent).

More than two in five adults (43 per cent) in Scotland rate their life as great, but a significant number (12 per cent) admitted they’re not living the life they want. When asked about the top three factors that affect their general wellbeing, almost a third (30 per cent) of people in Scotland said finances, while family was named as top factor (65 per cent), followed by health (56 per cent)

Douglas Cameron, Divisional Director of Financial Planning at Brewin Dolphin in Glasgow, added: “This research reveals that Scots, if anything, take a more live-for-the-moment attitude towards life. Only 7 per cent of us have life goals and know how to achieve them – below the 11 per cent average across the UK. While travel was the main ambition for nearly half of people in Scotland, nearly a third (31 per cent) of respondents said money was preventing them from achieving their goals, which perhaps points to a lack of willingness to tackle their finances.”

“Some relatively simple steps can make a big difference in helping people towards their objectives – and they can be picked off relatively easily. There are a variety of stepping stones - from the generous tax-efficient ISA allowance to the annual Capital Gains Tax exemption - which, if used to their optimum, can set you up well for what lies further down the road.

“Planning for the future is incredibly important, even for young families. Nearly two-thirds (65%) of Scots said that family is among the top three factors that affect their wellbeing and more than half (56%) said their health – whereas just 30% said finances. Of course, these can be inextricably linked – people need to think about protecting their families in case the worst should happen. Life cover, critical illness cover, and income protection are the cornerstone of ensuring that your family is taken care of, whatever comes to pass. It could be as simple as exchanging a few days of spending £5 on coffees for a £30 per month life policy.”

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