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30 signs you are financially comfortable

A new study commissioned by Skipton Building Society (SBS) has revealed 30 signs of being financially comfortable, including having savings and being able to go on a last minute holiday without feeling guilty.

The study, which polled 2000 adults, reveals signs of financial comfort include both material factors, such as having disposable income, as well as abstract factors, such as having others consider you wise and a good source of financial advice.

Kris Brewster, the head of products for SBS, said “it is more about making sensible decisions when it comes to spending and saving”, rather than “having a lot” financially.

Worryingly, less than half of those polled said that they were in a good place financially, and of that minority, 56% were over 55. One in four said that they do not know what the future holds for them financially.

Despite these bleak findings, one in seven of those polled said that they believed that they were sensible with money. The average respondent had approximately £228 a month of disposable income. According to the study, however, that is not enough to put you in the category of financial comfort. Instead, the research suggests that disposable income of over £500 a month is needed.

The following are the 30 signs factors which identify the financially comfortable:

  • Having savings
  • Not being in debt
  • Not having to count down the days until payday
  • Not regularly using savings to get through the month
  • Having paid off your mortgage
  • Having a "rainy day" fund
  • Being able to buy what you like without having to worry
  • Being able to afford emergency house maintenance
  • Having more than £500 disposable income a month
  • Being able to afford occasional treats for yourself
  • Budgeting effectively
    Having a good credit score
  • Being able to eat out in restaurants without it being for a special occasion
  • Making sensible spending choices
  • Being able to go on more than one holiday a year
  • Being confident about the future
  • Being able to go on a last minute holiday without feeling guilty
  • Having the ability to make wise decisions about money and spending
  • Owning more than one property
  • Being able to make financial decisions without seeking advice
  • Not arguing over money with friends and family
  • Not having to check the price of clothes when shopping
  • Having multiple investments
  • Having good knowledge about financial services on the market
  • Not gambling or relying on a successful bet for income
  • Being generous when it comes to lending money to loved ones and donating to charity
  • Paying for others’ meals when out rather than splitting the bill
  • Being well-read when it comes to money management
  • Buying from the leading clothing and food brands
  • Having others approach you for advice about finances as they see you as a source of good advice

While some of the factors - such as having savings or a good credit score - may be unsurprising indicators of being financially comfortable, it is perhaps also unsurprising that so few young people identify as financially comfortable when factors include owning multiple properties or having various investments. For young people, in particular, these are rare luxuries.

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