Significant numbers of middle-aged Brits are citing financial difficulties for the reasons they have been unable to meet various life goals, it has been reported.

Selftrade researched revealed that consumers have a number of objectives that they want to meet by their 40th birthday. The top targets were to be happy, be in good health, with 76 and 75 per cent of consumers asked especially looking to do this respectively. And while achieving these should not cost very much, it was also reported that consumers are looking to obtain other - more expensive - goals. One of these was travelling around the world, while 32 per cent of Brits looking to do this before hitting the big 40. Meanwhile, two-thirds want to own a house, while 59 per cent aiming to have started a family. The study also showed that one in ten (11 per cent) would like a holiday home, with the same reported to have their own business.

To achieve such goals or maybe all, applying for a personal loan could help finance such expense and meet those goals.

However, in spite of high hopes, it was revealed that a high number of Brits have not been able to keep their eyes on the goals. Selftrade reported that only 29 per cent of over-40s said that they have been able to get themselves in a position where managing to pay their monthly bills is not a problem. This figure comes despite seven in ten confirming that they wanted to do this before turning 40.

The study also stated that more than half (55 per cent) of 40-plus Brits cite increases in the cost of living as the reason why they have not been unable to meet their life goals, while 26 per cent blamed debts getting out of control for such failure.

Selftrade also revealded that one in three people have not been unable to take a firm grip on their finances. although, redundancy and making bad investments also contributed to the 19 and six per cent of respondents respectively not reaching their targets.

The repossession of a home, bankruptcy, divors or caring for elderly relatives were also shown to be reasons why Brits had not been able to meet their goals.

Dr Barber head or research for Selftrade said: "With more than one in 20 Brits blaming bad decisions for not fulfilling their goals, our findings show that it pays to be financially prepared and make investments work harder to prevent disappointments later on in life and to have an alternative plan for when things do not work out as intended.

"With rising costs of living being labeled as the top reason for why Brits have not attained their life goals, being in control of finances has never been so important. Britons looking for a modern approach to their future should take advantage of tax-efficient accounts such as savings accounts and self-invested personal pensions which put you in the driving seat."

Whether it be your looking to fund a round world trip, look at purchase a second home in the south of France or expand the family, those Brits who have significant life goals might want to consider applying for a personal loan. By doing so, borrowers may be able to meet various targets quickly, leaving them with an affordable rate of monthly repayment. This could prove to be very useful after Alliance & Leicester revealed earlier this month that 98 per cent of those over 50 claim to have recently suffered from an increase in living costs.