PRN: Married, Mortgage-free, with £10k in the Bank

Married, Mortgage-free, with £10k in the Bank [17-November-2014] LONDON, November 17, 2014 /PRNewswire/ -- Study reveals the nation's aspirations before reaching 40   The average person wants to be married, mortgage free, with at least £10,000 in the bank by the time they reach 40, according to a new study by credit card company Capital One.

17/nov/2014 09:05:20 PR Newswire Turismo Contatta l'autore

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Married, Mortgage-free, with £10k in the Bank

 
[17-November-2014]
 

LONDON, November 17, 2014 /PRNewswire/ --

Study reveals the nation's aspirations before reaching 40  

 

The average person wants to be married, mortgage free, with at least £10,000 in the bank by the time they reach 40, according to a new study by credit card company Capital One.

While Hollywood superstar Leonardo DiCaprio, who turned 40 this week (on November 11), may have enough money in the bank to retire or pay off his mortgage - two achievements listed in the top 10 - he remains unmarried and without a Master's qualification which were ranked fourth and tenth respectively in the survey.

                          Top 40 aspirations by 40         Have GBP10,000 saved in      Earn enough money to     1   the bank                 21  retire      2   Own your own home        22  Live abroad          Visit Paris/Eiffel         Visit New York/see the     3   Tower                    23  Statue of Liberty      4   Get married              24  Own a second property      5   Visit Australia          25  Travel by first class      6   Pay off mortgage         26  Visit a Disney resort                                       Own stocks/shares in a     7   See the Northern Lights  27  company          Set up your own         business/work for     8   yourself                 28  Gain a Bachelor's degree          Stay in a five star     9   hotel                    29  Build your own house                                       Have dinner in a                                      Michelin-starred     10  Gain a Master's degree   30  restaurant                                       Buy yourself or your     11  Get in shape             31  partner a diamond          Take your parents on     12  holiday                  32  Own a designer bag          Earn a salary of over     13  GBP50,000 a year         33  Fall in Love      14  Visit Las Vegas          34  Visit Africa          Pay for yourself to     15  travel first class       35  See the pyramids                                       Attend a UK music                                      festival (i.e.                                      Glastonbury, V Festival     16  Have children            36  etc)          Earn a salary of over     17  GBP100,000 a year        37  Go on safari          Be fluent in a foreign     18  language                 38  Write a book          Pay for yourself to     19  travel business class    39  Learn to drive      20  Own a brand new car      40  Own a holiday home  

Financial milestones feature prominently in the top 40 milestones: over a third (36 per cent) of people believe they should be earning over £50,000 a year, three in 10 (30 per cent) feel owning stocks and shares in a company is vital, while a further third (33 per cent) want to have paid for themselves to travel first class.

Some may find comfort in the fact that one in eight aspirations in the top 40 are completely free including falling in love (27 per cent), getting in shape (36 per cent) and having children (33 per cent).

Paying off the mortgage was a main goal for over half (53 per cent) of under 20s, however, when the same question was asked to those aged 30 to 39, only three in ten (30 per cent) thought this would be achievable. In reality, being mortgage-free at 40 is only true for one in eight (12 per cent) of the UK population.

What's more, despite over half (52 per cent) of under-40s believing they should have £10,000 in the bank by their 40th birthday, less than three in 10 (28 per cent) of over-40s said they had achieved this savings target. In contrast, although only two in five (39 per cent) feel they should be married by 40 almost double (70 per cent) the amount of over-40s said they had wed by this age.

The study, which also polled over 40s on their achievements, found more than four out of five (85 per cent) had not achieved all of their set targets. Nearly four in 10 (38 per cent) admit that financial constraints prevented them from doing so and further one in seven (14 per cent) cite family commitments as a main reason.

The study also examined different priorities in men and women. A higher proportion of women have ambitions of becoming CEO by the time they reach 40 (19 per cent compared to 12 per cent of men). 'Getting in shape' features in nearly half (44 per cent) of all women's top 40 ambitions but only one in four (27 per cent) men agree.

Male career aspirations focus on self-employment; owning their own business or working for themselves by 40 is a priority for nearly half (49 per cent) of men questioned, but just over a quarter (29 per cent) of women would say the same.

Other highlights from Capital One's study of 5,000 UK adults: 

  • Visiting Paris/seeing the Eiffel Tower (43 per cent) was the most popular sightseeing goal to feature in the list, followed by visiting Australia (39 per cent), seeing the Northern Lights (38 per cent) and visiting Las Vegas (36 per cent)

  • Londoners are the least likely to have gotten married by the time they reach 40; over half (52 per cent) of over-40s in the capital said they were unmarried at this age

  • Nearly two in five (39 per cent) 18-29 year olds think they should have a taken a selfie with a celebrity by the time they reach 40

  • One in five (21 per cent) believe they should own a sports car before the age of 40; this figure rises to a quarter (25 per cent) among men

Vicky Mitchell, chief operating officer, from Capital One said: "Setting goals and targets for ourselves helps us maintain the drive and ambition to get what we want from life. We all visualise success differently, whether it's being able to take your parents on holiday, or falling in love, it's important to remember that very few people achieve every target they set themselves. Learning to value what you have and how far you've come in that time is vital rather than focussing on any financial or circumstantial obstacles that may have been in your way."

About the research 

All figures, unless otherwise stated, are from Opinium Ltd. Total sample size was 5040 adults (2504 adults between 18-39 years and 2536 adults over 40 years). Fieldwork was undertaken between October 3 to 16, 2014.

Contact:
Neil Watts/ Ellie Tuck at Eulogy!
Tel: +44(0)20-3077-2000
Email: CapitalOne@eulogy.co.uk


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