Call for action as one in five people found to have no long-term financial goal - Scottish Friendly

Almost one in five UK adults do not have or cannot identify a long-term financial goal, new research from Scottish Friendly suggests.

The Glasgow-based mutual’s latest Family Finance Tracker reveals that 18 per cent of those quizzed do not know what they want their finances to achieve over the next five years or more.

The proportion rises to nearly one in three among lower earners, with 30 per cent of adults with household incomes of up to £25,000 having no clear financial priority for the future. This falls to 18 per cent among those earning between £25,000 and £50,000, 7 per cent among households earning between £50,000 and £75,000, and 5 per cent among those with incomes above £75,000.

Scottish Friendly said thinking ahead remains important at every income level - even where there is limited scope to put money aside.

Scottish Friendly said thinking ahead remains important at every income level - even where there is limited scope to put money aside.

The society’s latest research also shows how people’s focus on the future changes as families move through different stages of life.

Almost all parents of very young children have identified a longer-term financial priority, including 96 per cent of those with children aged one to four, and 94 per cent of parents with children aged five to ten. That proportion dips to 91 per cent among parents of children aged 11 to 15 and falls to 86 per cent among those with children aged 16 or 17.

It declines further once children reach adulthood, to 76 per cent among parents whose adult children still live at home and 74 per cent among those whose children have left home.

The findings come as Scottish Friendly calls for greater focus on helping people build the confidence and sense of purpose needed to engage with long-term saving and investing.

Kevin Brown, savings expert at the mutual, said: “It is concerning that nearly one in five people has no clear idea of what they want their finances to achieve. It is hardly surprising, yet no less concerning, that this rises to almost one in three among those on lower incomes.

“Long-term direction is not only for those with substantial sums to save, since where budgets are tighter, being clear about future priorities can matter even more - even if immediate costs leave little room to act.

“It is also noticeable that parents become less likely to identify a financial priority as their children grow older. That may reflect familiar goals changing as families move beyond education costs and support into adulthood,” he added.

“Although there is no single right objective, and priorities will evolve, having a sense of what money should support over time can give greater purpose to decisions made today.”

In April, Scottish Friendly reported record annual sales as it returned £23 million to members ahead of completing its merger with OneFamily.

The society posted overall sales of £56.1m - on an industry standard measure of annual premium equivalent - for the year ended December 31, 2025, marking the highest annual total in its 164-year history.

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