Cash that’s life-changing starts at £50,000
Britons have downgraded their view of how much qualifies as a “life-changing” cash windfall, indicating that contractors with war chests of £50,000 now make the cut.
In fact, while £100,000 is seen by most as the optimal sum to change their lives, half of that would suffice for nearly a quarter of us, compared to just 12% who say they’d need a million.
The more modest savings goals, uncovered by First Direct, may be because the shine of one million pounds has dimmed or because “post-recession Britain” has turned its back on largesse.
“The reality is that most of us aren't interested in bigger houses or flash cars,” said the bank’s Andy Forbes. “These days, we equate financial happiness with being able to provide simple treats for our families.”
In line with this reading of savers being less driven by indulgence, the biggest priority of the surveyed adults was paying off their debts, backed by 25 per cent of the sample.
The second most common reply - again assuming that they suddenly get a life-changing sum of money - was to invest it, reckoned as the priority by 11 per cent of the adults.
An equal chunk of the respondents said they’d buy a new car, or go on holiday but, if female, their husbands might not be the ones who get to go with them.
That’s because the survey shows that, while it may not be as likely a response as altering their looks, 45 per cent of women with new found wealth say they’d seek to change their partners.