Family and friends are key drivers of long-term thinking and goal setting, according to new research from Canada Life.
Over half (54%) of people cite their family as their top influence, and over a fifth (22%) said their friends are a key influencer – when it comes to the goals they set.
With regards to sharing their goals, family and friends score the highest, demonstrating the strong interplay between these important relationships and the goals that drive people’s lives.
Nearly two thirds (64%) share their goals with family, and over a third (36%) share them with their friends, while 19% are more private and don’t share their goals with anyone.
Friends and family also rank highly among Brits’ goals and priorities. A third (33%) cite having children as a priority, 27% list getting married, and a quarter (25%) hope to have grandchildren as a long-term goal.
Alongside family and friends, a key driving force behind goal setting and thinking about the future is optimism. The research found that Brits overwhelmingly consider themselves to be optimistic about most areas of their lives, driving their ability to achieve their goals:
| Optimism towards long-term goals | % |
| Family and relationships | 80% |
| Saving | 74% |
| Having a good retirement | 70% |
| Having good physical and mental health | 69% |
| Being debt-free | 69% |
| Achieving home ownership | 69% |
| Career | 52% |
People’s goals and areas of focus shift and change as they get older – the focus on a successful career wanes (56% for Gen Z vs 18% for Baby Boomers and older), whereas the focus on having a good retirement grows (32% for Gen Z, rising to 70% for Boomers and older).
The desire to be happy and content also grows with age (63% for Gen Z to 77% for Boomers and above) as does the prioritisation of health (54% for Gen Z to 64% for Boomers and above). In contrast, the goal of owning a property and the desire to go travelling remains consistent throughout life.
Simon Moore, CEO, Innovation Bubble said: “There are distinct psychological triggers that make long-term thinking and financial goal setting more likely.
“Major life events such as having a baby and moving house can disrupt habits and change people’s mindsets about what’s important to them.
“Ultimately this can support the setting of new long-term goals and the development of habits that will enable them to stick to those goals.
“As we age, our perspective shifts from ‘gain’ to ‘maintain’. When we are younger, we focus on gaining things and chasing particular milestones or status symbols, but we pass a point where we are less focused on accumulating and seek to sustain the lifestyle we have.”
Lara Bealing, head of marketing, Canada Life, added: “Families and friends play a significant role in the long-term goals that drive us. And although thinking about the future can be daunting, long-term thinking is crucial to building the futures we desire.
“The financial advice industry and providers have a responsibility to work together to support clients achieving their goals and enabling them to live the lives they aspire to. Understanding the deep needs and motivations of clients will help advisers to be the best partner to building the financial solutions they need at every stage of their lives.”
