New research has found that seven in 10 Brits no longer have a five-year plan in place, with a quarter abandoning the idea of life planning entirely
Brits are ditching the traditional five-year plans as they prioritise flexible living, according to new research. The study reveals that seven out of 10 Brits no longer have a five-year plan in place, with a quarter giving up on life planning altogether.
A significant 22% think having long-terms plans such as these are impractical because of things like jobs or family getting in the way, while 16% find them too rigid for today’s fast-paced world.
Interestingly, it’s the younger generations who are sticking to structured planning. Nearly six in 10 (59%) Gen Zs and 41% of Millennials are currently following a five-year plan.
This is in stark contrast to older generations, with just 25% of Gen X and a mere 14% of Boomers subscribing to this approach.
Despite not having a concrete plan, many Brits remain confident about achieving their goals, especially when it comes to their finances.
The study, commissioned by First Direct, found that 38% of Brits believe they’ll reach their financial targets due to their determination and motivation. Another 37% attribute their optimism to regular saving and investing, while 27% credit their ability to adapt to changing circumstances.
Laura Turner, the brains behind the popular money blog Thrifty Londoner, shared: “Five-year plans can feel outdated in today’s fast-paced world.
“Many people feel that flexibility is more important than sticking rigidly to a long-term plan. However, having some structure can help you stay focused and motivated, even if you adapt your goals along the way.”
Interestingly, millennials are the most content generation when it comes to working toward their five-year ambitions, with a whopping 82% satisfied with their progress.
For many, these goals are financially driven. A third are saving for retirement or travel aspirations. Over a quarter aim to achieve financial independence within the next five years, while just over a fifth (21%) are focused on getting on the property ladder.
Carl Watchorn, head of banking at First Direct, commented: “When it comes to finances, we understand there is no ‘one size fits all’ approach to goal setting.
“We encourage our customers to think about what they want to achieve and set goals that reflect their unique priorities and circumstances.
“We’re here to support our customers in making the most of their finances, offering tools like educational resources and free, personalised support from our team of Money Coaches.
“If you’re looking to set your financial goals for 2025, speak to your bank about how they can help with planning.”
