Family time trumps finances in life's priorities

Spending time with family is the top priority for Britons, no matter whether they are wealthy or struggling to make ends meet, a survey has found.

By The Newsroom
Saturday, 31st December 2016, 9:49 am
Updated Monday, 9th January 2017, 12:03 pm

Lloyds Private Banking, which asked people to rank different aspects of their life in order of importance, found that spending time with family members came ahead of considerations such as progressing up the career ladder, building up savings or owning a nice car.

Setting time aside to be with relatives was most important for people in the survey who described themselves as wealthy, as well as those who said they were struggling with money.

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Across the survey, people said their priority after their families was their level of income in the next few years, followed by spending time with friends, job security, the level of income they had in retirement, building savings, managing their borrowing, having annual holidays, their career prospects, having a nice car and finally, progressing up the housing ladder.

Sarah Deaves, private banking director at Lloyds Private Bank, said: “When it comes to the important things in life, spending time with family surpasses everything else and, for many, it is even more important at this time of year.”

When asked to describe their own financial situation, just one in 50 (2%) people questioned said they felt wealthy, while another 8% described themselves as well off, 36% said they were managing and 37% said they were comfortable.

One in six (16%) said they were struggling financially each month.

People in London and the South East were the most likely to feel well off or wealthy, with 13% of those questioned there feeling this way.

Those in Wales were most likely to say they were struggling financially, with one in five (20%) people there saying this was the case.

In Scotland, 10% of people felt well off or wealthy while 17% were struggling, while in Northern Ireland 10% felt well off or wealthy and 19% said they were struggling.

Two-thirds (67%) of people in both London and Yorkshire and Humberside said they felt happy, making these the places where people were most likely to say this. Some 9% of people in Yorkshire and Humberside said they felt well off or wealthy and 14% said they were struggling.

People in London were also the most likely to report being in good health, with 67% of people there describing themselves as healthy.

More than 2,500 people took part in the research.