New research from Masthaven – the new challenger bank – suggests modern life is unstructured and our life plans aren’t fixed within set timeframes. The survey of 2,000 UK adults found only a small proportion of people have clear life plans, with just 6% of Brits saying they have a definite set of things they want to achieve in life by a certain time.
In the poll on future life plans, Masthaven found most people (75%) have ambitions or things they’d like to achieve, but most don’t have a fixed plan with rigid timeframes. Among this group, the majority (73%) have a plan or an idea of things to achieve, but it’s not fixed in stone; and almost one in five (18%) have plans but they are vague ideas not set against certain time limits.
The majority of UK adults don’t set timeframes to help them achieve plans or goals. For example, over half (54%) of respondents said they’ve rarely or never used this approach in the past five years. Almost a third (29%) said they don’t set a deadline because they don’t think about their life in specific timeframes; and almost one in five (17%) don’t set timeframes because they don’t want to put unnecessary pressure on themselves.
Jon Hall, Managing Director of Masthaven said: “These findings echo the social shift which led us to conceive Masthaven: people don’t live one-size-fits-all lives with predetermined timeframes, they flex to cope with personal events happening in their life. This is the cornerstone of our savings philosophy: to allow people to save on their own terms. We offer smart technology to make managing money easy, and friendly people to keep it human, because technical knowhow is only part of life.
“To help the nation save more, we firmly believe UK banks need to work with human nature, not against it. Knowing people tend to think about life events in terms of calendar dates rather than chunks of time (say one, two or three years) we realised it made sense to recognise this, and launch a savings account that puts people in charge of when their fixed rate ends; lets them pick the exact date for when they need their money.”
The Masthaven Flexible Term Saver account challenges banking convention by allowing people to decide the date when their savings account matures. The combination of competitive rates and ease of use means savers can take advantage of a fixed term rate over a timeframe that suits their lifestyle.
Designed to help savers meet their short or long-term goals - whether that’s a holiday or wedding anniversary or a future event such as university fees or house deposit - customers can use a sliding scale to pick any date between six months and five years to create their personalised fixed term end date. They can also decide whether they prefer to receive interest annually or monthly.
Masthaven generated coverage this week in This Is Money, The Mirror and The Express.