This is the question that has been asked to 2500 Brits by free credit score company Noddle; and the results might shock you!
Indeed, instead of thinking of financial freedom as being able to afford luxuries like an exotic holiday or fancy clothes, for 51% of respondents financial freedom actually means to not worry about an unexpected bill or owing anyone money; for 47% of the respondents it means not running out of money at the end of the month. And for 33% it is never feeling stressed about money.
Now does that mean that people have suddenly become very sensible with their finances, or is it an after effect of the financial crisis of the previous years? Jacqueline Dewey, MD of consumer markets at Noddle, notes: “We may all dream of having the money to go on holiday when we feel like it, to own our perfect home and to be able to retire when we want. However, our study has found that for most people, financial freedom is as simple as knowing there’s enough money in your bank account to cope with an unexpected bill, and not being in debt.
“The common theme that unites all of these factors is people having control over their finances – and it indicates that luxury is less important than knowing you have a safety net in place if an unexpected bill comes along.”
It seems that Brits like to be in control or at least aspire to be more in control of their finances, which is a great sign because it means they can be much more proactive by checking their credit rating online on sites like noddle and attain their financial freedom.
Jacqueline Dewey : “This is an important issue for us because we believe that financial freedom is actually a lot closer for many people than they might think, whatever their financial background or lifestyle. By using tools that help people gain control of their finances, everyone can feel more confident about their financial status and, if necessary, work to improve it. Knowing your credit score is one important way to do this, and everyone can access this free for life, with no hidden extras, through Noddle.”