Money or kindness?
New research by Skoda reveals the nation’s views on what leads to a rich and happy life; comparing the views and experiences of young adults (18 – 30s) to an older generation (over 60s).
The research shows, when it comes to looking at the things in life that we most value, opinions of millennials and baby boomers are similar – with both stating family (78 per cent / 81 per cent), good health (49 per cent / 74 per cent) and friends (45 per cent / 48 per cent) among the main necessities needed to lead a rich and fulfilling life.
However, when it comes to regrets and worries, opinions differ. Money worries top the troubles of younger people – with two fifths (42 per cent) saying their biggest regret is not saving enough, followed by worrying too much about their appearance (25 per cent). In contrast, the over 60’s most regret not having travelled enough (26 per cent), followed by not spending enough time with loved ones (16 per cent).
“We set out to uncover the importance and value of wealth across different generations. Interestingly, we found that the perception of value isn’t universal; money is more of an influencing factor for millennials, while baby boomers place greater value on life experiences”, said Kirsten Stagg, Head of Marketing for Skoda UK.
“What is also apparent is that as we get older, rarely do we look back and think ‘I wish I’d spent more money’ on something – it’s spending time with the people we love that fulfils us”, Stagg continued.
Nearly a quarter (24 per cent) of young people say money is what makes them happiest in life, compared to just 9 per cent of those aged 60 and over.
When it comes to what the baby boomers say make them happy, it’s having family (65 per cent), love (36 per cent) and travelling (31 per cent).
Both generations wish they spent more time with their loved ones. The majority of young people wish they spent more time with their mums (33 per cent) and friends (30 per cent), while the majority of the elderly wish they spent it with their children (32 per cent) and dads (29 per cent).
The research from Skoda coincides with the brand’s launch of its Alternative Rich List, which celebrates people who are rich in ways other than monetary wealth.
| What people most regret in life | Mean | Younger | Elderly |
| Not saving enough money | 31 per cent | 42 per cent | 21 per cent |
| Not travelling enough | 25 per cent | 25 per cent | 26 per cent |
| Not leading a healthy life style | 18 per cent | 22 per cent | 15 per cent |
| Worrying too much about my weight / appearance | 17 per cent | 25 per cent | 10 per cent |
| I don’t have any regrets in life | 16 per cent | 7 per cent | 24 per cent |
| Not spending enough time with my loved ones | 14 per cent | 13 per cent | 16 per cent |
| Not pursing my goals | 12 per cent | 17 per cent | 7 per cent |
| Not winning the lottery | 12 per cent | 12 per cent | 12 per cent |
| Never learning a foreign language | 11 per cent | 7 per cent | 14 per cent |
| Not finishing my education | 10 per cent | 13 per cent | 8 per cent |
| Staying in a job I hated | 10 per cent | 11 per cent | 10 per cent |
| Staying in an unhappy relationship | 10 per cent | 10 per cent | 10 per cent |
| Not being true to myself | 10 per cent | 10 per cent | 9 per cent |
| Not going to uni | 7 per cent | 6 per cent | 8 per cent |
| Not having children | 4 per cent | 3 per cent | 5 per cent |
| Going to uni | 2 per cent | 4 per cent | 1 per cent |
| Having children | 1 per cent | 1 per cent | 1 per cent |
| Not getting plastic surgery | 1 per cent | 2 per cent | 1 per cent |
| Getting plastic surgery | 1 per cent | 2 per cent | 1 per cent |
| What creates a happy life | Mean | Younger | Elderly |
| Family | 80 per cent | 78 per cent | 81 per cent |
| Good health | 62 per cent | 49 per cent | 75 per cent |
| Friends | 47 per cent | 46 per cent | 48 per cent |
| Money | 26 per cent | 29 per cent | 22 per cent |
| Romantic Love | 23 per cent | 27 per cent | 18 per cent |
| Good career | 20 per cent | 27 per cent | 14 per cent |
| I am not sure what creates a happy life | 3 per cent | 3 per cent | 3 per cent |
| Material possessions | 2 per cent | 3 per cent | 1 per cent |
| Popularity | 2 per cent | 1 per cent | 2 per cent |
| Good looks | 1 per cent | 2 per cent | 1 per cent |
| Large social following | 1 per cent | 1 per cent | 1 per cent |
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