Brits determined to make their goals a reality in 2014

The Momentum UK Team 08 January 2014

People in the UK see 2014 as the year to achieve their goals, with 50% resolving that this is the year to take their dream holiday.

In the spirit of New Year’s Resolutions and goals, 50% of Britons have decided that 2014 is the year to finally take their dream holiday or go travelling, according to research from Experian CreditExpert.

Travelling was the top goal set by those who responded, with home improvements close behind at 46%. Thirty-five percent want to reduce their debts this year, with 32% aiming to buy a new car and 28% hoping to buy a house. Additionally, 9% intend to start a business in 2014 and 6% plan to get married.

The research also asked people how they felt about their financial circumstances. A third (33%) said they were feeling confident about their current financial situation heading into the new year. Forty-one percent were feeling unsure, and just over a quarter (26%) said they are not feeling positive.

Financial concerns were cited as the main barrier preventing people from achieving their goals in 2014; over half (56%) of people said that money and costs were the main things holding them back from their New Year dreams. Of these people, 60% said that the cost of living was their main obstacle with 55% citing a lack of savings. Nine percent said they were held back by a poor credit rating, with a further 9% citing inability to borrow money.

Peter Turner, Managing Director at Experian Consumer Services, said:

“As we begin a new year, many of us will have given some consideration to our goals and ambitions for the coming year. However, often, as with New Year resolutions, without proper planning and support, some may never come to fruition.

“Taking the time to understand your financial situation is the first step on the road to realising your dreams and this means not only budgeting the money you have now but also reviewing any outstanding money you owe and planning ahead to be able to secure any credit you may need into the future.

“If you do find that your financial situation or credit history is getting in the way of achieving your 2014 dream, the most important thing is to deal with it as soon as possible. You need to understand your finances in order to take control of them.”