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Family time more important than earnings

Family time more important than earnings

Time spent with family members is more important than earning money, moving up the housing ladder and having nice cars and holidays, according to the latest research on behalf Lloyds Private Banking. 

Independent research undertaken by BDRC Continental in May 2016 took account of 2,508 online interviews and showed that spending time with family is the most important aspect of peoples' lives.

What is important to people, however, differs depending on how wealthy they feel. Just under half, a total of 47 per cent of those that feel wealthy, say spending time with family is important.

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This compares with 54 per cent for those that feel like they are struggling and 59 per cent overall.

Those that feel wealthy place the greatest importance on using their money to build a nest egg of savings - 31 per cent say this is important - and having annual holidays at 22 per cent, beyond spending time with family.

Additionally, this group say that managing their level of borrowing was the least important aspect in their lives, with just under half 45 per cent, saying so. 

At the other end of the spectrum, over a quarter (28 per cent) of those who feel they are struggling place the greatest importance on their level of income during the next few years, as well as managing their level of borrowing  at 27 per cent.

At 38 per cent and 36 per cent respectively, having a nice car and progressing up the housing ladder are the lowest priorities.

The research also showed Londoners feel wealthier, healthier and happier than the other UK regions and have an average household income of just under £54,000.

Sarah Deaves, private banking director at Lloyds Private Bank said: “When it comes to the important things in life, spending time with family surpasses everything else, and for many it is even more important at this time of year. This is also the time when people reflect on the year just gone, take stock and make plans for the year to come.

“As part of this, the new year brings an opportunity for people to review their finances, weighing up the important things that are ahead, whether that is a new car, buying a house or planning for retirement.

"Putting a considered financial plan in place is really important to help people get in control, making the journey towards meeting these goals much more achievable.”

ruth.gillbe@ft.com