Family time counts more than wealth

Published by Hannah Nemeth on 31 December 2016.
Last updated on 31 December 2016

Happy shiny people

Spending time with family is more important than having a bigger salary, a larger home or nicer cars and holidays, new research has revealed.

How much you value spending time with your family or how important your financial goals are will vary depending on whether your are comfortably off or struggling, according to the Lloyds Private Banking study.

Just under half (47%) of those who feel wealthy say spending time with family is important, compared with 54% for those who feel they are struggling.

Almost a third (31%) of those who feel wealthy say that it’s important to use their money to top up their savings and have annual holidays (22%).

For those who were struggling, buying a nice car (38%) and progressing up the housing ladder (36%) were the least important aspects of their lives.

 

Londoners are happier

Unsurprisingly because the average salary is higher in the capital, Londoners feel wealthier, healthier and happier than anywhere else in the UK.

London and the South East have the highest average household incomes and the greatest number of people who feel comfortably off (13%). These are also the regions where people feel the happiest, where – along with Yorkshire & Humberside – two-thirds of people say that they are happy overall.

This compares with just over half (55%) of people living in Wales saying they are happy, the lowest in the UK, with one in five saying they struggle financially. Wales also has the lowest average household income at just under £27,500.

Sarah Deaves, a director at Lloyds Private Bank, says: “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. This is also the time when people reflect on the year just gone, take stock and make plans for the year to come.

“As part of this, the New Year brings an opportunity for people to review their finances, weighing up the important things that are ahead, whether that is a new car, buying a house or planning for retirement.”
 

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