Jessica Fino 7 Dec 2016 11:00am

Happiness and health more valued than money

Britons think happiness is the true sign of success, considering it more important than wealth, according to research by Mazars

The accountancy firm, which looked at what people consider success to be, found that seven in 10 people believe being happy is the real benchmark of success, ahead of being healthy or financially stable.

Having no health problems and being financially secure came in second and third place, followed by being debt free, achieving career aspirations, feeling fulfilled in life and being able to retire early.

According to the survey, men were more likely to consider themselves as having a successful life (16%) than women (13%).

It found that those between the ages of 18 and 24 were most likely to have a plan in place to achieve success (48%), while those over 55 are less likely to have such plan (20%).

Thanks to the introduction of compulsory workplace pensions, those aged 18-24 were more likely to have consulted a professional about their pensions (10%) than those in the 25 to 34 age-group (7%).

Ian Pickford, partner in Mazars’ private client team said, “Our research shows that people define success in lots of different ways. Having enough money is important but it’s really interesting to see ‘being a millionaire’ and other materialistic definitions of success are way down the list.”

However, Pickford warned, “Only three in 10 people in the UK say they have a plan in place. This means millions are in danger of not achieving their life goals and being unhappy or unfulfilled because of their failure to plan.

“Failing to plan is planning to fail. Research shows the simple act of formulating a life or financial plan and writing it down makes it much more likely to happen.”

The survey was conducted by OnePoll on behalf of Mazars and interviewed 2,000 people in the UK.