We fear for our future, but live for now

Not having enough money in old age is the worst fear for a quarter of Brits, according to research by Scottish Widows. Coming second only to a fear of bad health - which secures just over a third of the votes – it is a fear of relative poverty that keeps us awake at night, coming above looking old, being lonely and not being able to work.

When asked to think about their top priorities in life however, the desire for instant gratification far outstrips the pleasure gained from long term investments. According to the study, having fun now is the biggest priority for 36 per cent of the UK, while saving for a child’s future (16 per cent), getting on to the property ladder (16 per cent), looking good (10 per cent) and studying for extra qualifications (six per cent) all rate lower down on the priority list.

Despite fearing poverty in later life, the research reveals that splashing the cash is one of the things that makes us happiest. When asked to consider the things that give us a ‘buzz’, spending money comes a close third place to holidays and food -whereas saving money comes bottom of the pile. The top five ways we get our kicks include:

Holidays (65 per cent)
Listening to music (52 per cent)
Eating (48 per cent)
Spending money (37 per cent)
Shopping (31 per cent)

Mike Hoban, Customer and Brand marketing director at Scottish Widows, said: “The nation has a head-in-the-sand approach to money – we’re putting off thinking about our fears until ‘tomorrow’ while we live for ‘now’ - but it doesn’t stop us from getting increasingly stressed as these worries niggle away.

“Just by being more sensible about money, and putting a little aside regularly for the future, Brits could alleviate their fear of poverty in old age – and perhaps even decide that having a secure financial future is a reason for happiness in the present.

“If your financial future is keeping you awake at night, then seek advice from a financial adviser – they might be able to help you relax and enjoy those holidays even more!”