Lifestyle changes require Financial Planning changes
It comes as little surprise that the way in which we live our lives has changed considerably since the 1970s.
Social Trends 40, published by the Office for National Statistics (ONS), highlights the scale of social changes over the past forty years.
This edition of Social Trends looks at thirteen separate topics, including five previously unpublished chapters of analysis covering education, health, social protection, crime and justice, and the environment.
Things have certainly changed over the past forty years.
We now take 45.5 million holidays abroad each year, compared to 6.7 million in 1971.
As a nation, we smoke a lot less than we used to back in 1971. Today, 7% of men and 5% of women are heavy smokers, compared to 26% and 13% back then.
The survey also shows that women are waiting longer before having a baby. In 1971, 47% of babies born in England and Wales had a mother under age 25. In 2008, this proportion had fallen to 25%.
Our largest item of expenditure, as a proportion of earnings, in 1971 was food and non alcoholic drinks. We now spend most of our income on housing, water and fuel.
A lot has changed over the past forty years and our Financial Planning needs to reflect these changes to social trends. Changing social trends means different financial priorities. This survey shows how people prefer to allocate their financial resources, although we recognise that every person has different financial goals, objectives and dreams.