71% of Brits believe they need to save more money in order to stand a chance of ever reaching their top 25 aspirations, according to research from Nationwide Personal Loans.
The survey of more than 2,000 people highlights that while 15% of people have already achieved their dream, 33% believe they will never do so. Another third (36%) are ‘waiting for the right time’.
With Nationwide customer data showing that a third of people take out personal loans to cover off practical needs – from new cars to home repairs and improvements – the lender argues that the opportunity to ‘live the dream’ is likely to pass many by.
While the results highlight a number of fun, frivolous and fantastical escapades, the vast majority of the UK’s aspirations are relatively down-to-earth. The top three are travelling around the world, visiting a particular dream holiday destination and owning your own house.
Indeed, home homeownership remains the nation’s overwhelming aspiration when it comes to property, with latest research from the Council of Mortgage Lenders (CML) showing 72% of adults want to be homeowners in two years’ time, and 80% hope to own within a decade.
Adventure features prominently, with skydiving, climbing a mountain and seeing a famous landmark all making the list. However, it isn’t all about individual experiences, with many aiming to build relationships; including starting a family, getting married or reconnecting with someone special.
In addition, many aspire to become famous, compete in the Olympics, climb mountains, skydive or travel into outer space.
68% say that they need to earn more money at work in order to attain their aspirations. However, one in four believe it would be difficult to get time away from work, even if they did have the money.
And while work can be a tie, 27% maintained they would find it hard to part company with family and friends for a period of time, particularly if considering moving home or going travelling.
According to the poll, the most common figure for achieving our dreams is £10,000. However, the cost of travelling the world comes in at under £5,000 on average, and visiting dream holiday destinations such as Australia, the US and Bali could set them back less than £4,000.
Regardless, 48% say they would need to ‘win the Lottery’ in order to tick dreams off their wish-lists.
The survey highlights a number of ways people consider most appropriate to fund their aspirations. While savings are perhaps naturally the most considered option, with 62% hoping to use this method, more than a third of people would consider paying for their dream with a personal loan or credit card (34%).
But 54% would take a gamble and enter prize draws or competitions in the hope of scooping a prize, while 22% would consider drawing down from their pension pot and 12% would consider asking friends or family for a loan.
Attitudes to achieving their dreams varied across generations, according to the poll, with 18 to 24-year-olds the most hopeful – just 7% believed that their dreams would never become a reality, compared to more than double (18%) of over-65s. However, the younger generations were actively holding off seeking their dreams, with 49% of 18-24 year-olds and 41% 25-34 year-olds claiming to be waiting for the right time.
Other reasons holding people back included undertaking more training or learning new skills, cited by 42% of 18 to 24-year-olds and 35% of 35 to 44-year-olds, while 25% of respondents overall said taking the time off work was getting in the way of them achieving their goals.
Carl Burke, Nationwide’s head of personal loans, said: “Our research suggests that Britain is an aspiring nation. While many of us set on travelling the world, buying our own homes and having an experience of a lifetime – whether climbing Mount Kilimanjaro or jumping from a plane, these findings suggest that many of us fail to see these as achievable targets or take steps towards achieving them.
“By working towards a goal, through steadily saving or taking out an affordable loan, they can become a reality. Rather than waiting for the right time or assuming you can’t afford it, explore your options first – you could see your dreams become a reality, rather than just remaining a distant hope.”
