Being happy, healthy and having well-behaved children are the true signs of success – streets ahead of being rich, according to new research.
Although wealth is often regarded as the sign you have made it, seven in 10 UK adults reckon being content is the true benchmark of success. Less than a fifth of respondents said being a millionaire shows you are doing well, while more than a quarter said being charitable is a true indicator of prosperity.
Commissioned by accounting firm Mazars, the research of 2000 UK adults also found just three in 10 Brits have some kind of plan in place to actually achieve success.
Ian Pickford, partner in Mazars’ private client team said: “Our research shows that people define success in lots of different ways. Having enough money is important, but it’s really interesting to see ‘being a millionaire’ and other materialistic definitions of success are way down the list.”
Brits’ top 15 signs of success:
- Being happy
- Being healthy
- Being financially secure
- Being debt free
- Achieving your career aspirations
- Feeling fulfilled in life
- Being able to retire early
- Owning your house outright
- Having a balanced work/family life
- Having a happy marriage
- Treating people fairly and with respect
- Having polite, well-behaved children you are proud of
- Acting ethically in your day-to-day life
- Being charitable
- Feeling respected by your peers
More than a quarter of men are optimistic they will achieve success in life – compared to one in 10 women. Half of those aged 18 to 24 years old are confident they will achieve what they consider success to be. And of those polled, almost a quarter of over 55s said they had already achieved success.
Although as little as three in 10 Brits have a plan of how to be successful, half of 18-24 year olds have mapped out how they will achieve their goals. In comparison, just a fifth of those aged 55 or over have a plan in place to reach their life targets.
On average, people think they will retire at 62, although women think they will be working until they reach 63 years of age – and men think they’ll be able to stop working at 61. Respondents aged 25 to 34 reckon they would retire the earliest – 60 years old – while those aged 18 to 25 and those aged 35 to 44 think they’ll retire at 64.
Only one in 10 people have used a financial professional to help them plan for a successful retirement – although four in 10 said it was something they would consider.
Pickford said: “The results suggest people have a good idea of what they consider success to be, or not be, but most of us have little or no idea how we will get what we really want out of life. Only three in 10 people in the UK say they have a plan in place. This means millions are in danger of not achieving their life goals and being unhappy or unfulfilled because of their failure to plan. Failing to plan is planning to fail. Research shows the simple act of formulating a life or financial plan and writing it down makes it much more likely to happen.”
View Mazars’ Lifestyle Planning Report HERE.