Swapping a festival for future financial security might not sound tempting, but small changes today can reap big rewards later. The average cost of attending Glastonbury is estimated at £1,037.991, including tickets, tents, equipment, food and drink. While the festival experience is priceless, the saved fallow year cost could make a big difference if directed towards your pension.
If a 30-year-old invested that same £1,037.99 into their pension instead, it could grow to around £4,798.26 by age 68, not adjusted for inflation and assuming a 5% annual return and a 0.75% investment charge. That’s one weekend’s worth of spending more than quadrupled by retirement, in nominal terms.
A boost for financial wellbeing
With the cost of living still weighing heavy on many households, taking a ‘fallow year’ from excess spending and focusing instead on both short and longer-term financial wellbeing could pay off in the long-run. According to Standard Life’s Retirement Voice2 report, just under half (48%) of UK adults say they don’t feel positive about their current financial situation, and nearly three-quarters of Gen X (74%) expect to have to work beyond State Pension age. However, prioritising a year-long focus on financial wellbeing could help to embed a long-term savings habit and improve overall financial health.
Mike Ambery, Retirement and Savings Director at Standard Life said: “2026 could be the year you take a step back and turn your attention to your long-term financial future. It doesn’t have to mean not spending anything at all on fun things – we all have to let off some steam sometimes. It’s more about giving yourself a financial circuit-breaker to really think about how your short-term spending fits in with your long-term financial goals. In the same way as many Glastonbury goers may settle with Reading or Leeds next year, think about whether you could scale down your immediate spending to focus on the future. Whatever you do and however you do it, your financial health is important, but make sure to have a good time too!”
After you’ve recovered: tips to make 2026 a festival of financial wellbeing
1. Clear the stage: get support with debt
“If you’re concerned about debt, resources like MoneyHelper can offer free and practical advice. It’s a great starting point to identify which debts to tackle first, explore repayment options, and connect with professional advisors.”
2. Tune up your budget
“Creating a realistic budget can help you prioritise essential spending and spot areas to save. With relatively high interest rates and stubborn inflationary pressure likely to continue for a while, regularly reviewing your budget ensures it’s still working for you. Budgeting apps can analyse your spending habits and help you find savings by categorising expenses. Consider cancelling any unused direct debits, like old gym memberships or streaming subscriptions, and prioritising the things you enjoy the most.”
3. Set your savings playlist
“If your budget allows, aim to set clear savings goals. Start by building an emergency fund to cover unexpected costs like car repairs or appliance breakdowns. Once you’ve built up this buffer, consider longer-term savings options. With best buy savings account interest rates still outperforming inflation, it’s a good time to explore fixed-rate accounts or tax-efficient options like cash ISAs. For those in a position to invest, the potential for long-term growth in stocks and shares remains appealing. However, always compare fees and charges and align your investments with your goals and risk tolerance.”
4. The legends slot: think about retirement
“Pensions offer unique benefits, including tax relief and employer contributions that can help you reach your retirement goals. If you have a workplace pension, check if your employer will match contributions above the minimum – many do, which can significantly boost your savings. For those considering opening a new personal pension plan or consolidating multiple pots, review the charges carefully. A well-structured pension plan can help you achieve the future you want, but transferring pensions isn’t always the best choice. Seek professional advice to ensure you retain any valuable guarantees.”
5. Track down your lost friends (old pensions)
“With job changes becoming more common, many people lose track of their pensions. Standard Life’s pension tracing tool could help you find them. Consolidating your pensions may simplify your retirement planning by reducing fees and paperwork, and help you to see all your pension savings one place – but aways weigh the pros and cons before transferring.”
Whether your dream financial future involves glamping, camping, or festivals without the muddy fields, 2026 could be the year to set your financial future centre stage.
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