Despite recent efforts at raising charitable awareness, a new survey by Fool.co.uk reveals that only a handful of people are willing to give something back to society after they reach their financial goals!
In a recent survey, only 1 in 16 people plan to donate something to good causes while a third of Brits want to see the world when they've accumulated their cash pile!
A tenth of all respondents (11%) hanker for a quiet life after reaching their financial goals.
The research asked 1,500 readers about how they plan to spend the money they are saving for their "financial tomorrow" as part of the site's "Your Tomorrow Starts Today" campaign.
The findings show that when it comes to our cash, charity begins firmly at home for 9 out of 10 (94%) people.
Thankfully, the spiraling debt culture hasn't ground us all down! While 6% of people say they are prepared to donate some of their hard-earned cash to good causes, a relatively generous 8% in the South East want to give something back. This beats the national average by a handy margin!
Readers also reveal that their overriding aims are to enrich their own lives through travel and to live a generally less stressful life in a comfortable home!
An overwhelming 31% say they plan to trot around the globe, and 1 in 4 people intend to devote more time to their hobbies and interests.
David Kuo, Head of Personal Finance at Fool.co.uk, says:
"It seems that many of us believe that charity begins at home even after we achieve our financial goals. "This is not entirely unreasonable given that attaining financial objectives is never easy, especially if we set tough targets for ourselves. Consequently, there is nothing wrong with rewarding ourselves generously after we reach our financial targets".
"But the road to complete financial independence is not about setting a single set of objectives, it's about constantly setting and reviewing new goals for ourselves. If you budget correctly, you will not only be able to see the world, but see the world saved too." he added.
So which of these were your top priorities for spending when your "tomorrow" arrives?
- Improving your home and/or garden 19.3%
- Travelling - 31.1%
- Pursuing hobbies and interests - 25%
- A big treat; a classic car perhaps? A boat? A piano? - 7.2%
- Giving something back via charity - 6.5%
- Nothing! I simply want a quiet life - 10.9%
And here are Fool.co.uk's 5 top ways for you to give something back:
1. Charitable tourism: by all means take that trip, but make it more fulfilling by volunteering. (www.vso.org.uk)
2. Tax relief on giving: to save lining the taxman's pockets think about directing money to a worthy cause through Gift Aid.
3. Lend your time: time is as valuable as cash to charities.
4. Lend your skills: everyone is good at something and your special skills are always in demand by charities.
5. Charity credit cards: give as you spend, but remember to pay off the balance each month.
How much would make you happy?