Aspirations Costs the Nation £230 Billion

Published on 1 January 1970 by Raffick Marday

A new study has revealed that 96 per cent of the population want more than we already have.

According to the Direct Line Aspiration Index the total bill for the nation’s aspirations comes to £230 billion – in order for the average person to meet their realist goals within the next five years.

The study shows that people are willing to fork out an extra £500 on a watch, £150 on a handbag, and over £3,000 on a new car.

The Direct Line Aspiration Index suggests that six in ten people will save up to buy the things they really desire; one in five will cut back on meals out and entertainment; while 15 per cent will put it on a credit card.

“It is psychologically healthy to hope, dream, strive and aspire for better things for ourselves and our families; in fact, it is part of the universal human condition,” says behavioural psychologist, Donna Dawson.

“However, it is important to ensure that our material aspirations are kept within our financial means; otherwise, we become slaves to them.”

Research by a comparison website have found that UK consumers are unnecessarily spending £150 billion a year on credit card charges by not setting up a direct debt.

According to the study, 57.5 per cent of credit card holders do not have a direct debit set up to pay off the minimum amount.

A quarter of people questioned in the Aspirations Index survey said the recession has not affected their aspirations, while half of those surveyed have said that the economic climate and current financial strain has affected their aims, with one in ten cutting back.

One in five people have admitted to accepting that they may longer be able to achieve some of their goals.

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