A study of 2,000 adults found owning a car outright with no finance is also an indicator you have no worries when it comes to money.
Not being afraid to check your bank balance is another, as is flying first class as a matter of routine – and being in a position to buy branded products rather own-brand items.
But more than half of adults (53 per cent) don’t think they will ever be financially free.
A spokesman for Barclays, which commissioned the research, said: “Reaching a point where you no longer need to worry about money may seem like nothing but a pipedream but there are steps you can take to help get there.
“Obviously, the earlier in life you can begin saving money, the sooner you’ll reach financial freedom.
“But even for those who realised a bit later in life that they were going to have to take control of their finances, reaching that balance is possible.”
The study also found the average adult who does think they might get to financial freedom at some point, reckons they are still nearly 12 years away from doing so.
Other key signs of financial freedom include being able to treat themselves without worry, not needing to work full-time, and having the cash to make home improvements without needing to save up.
For just under one in 10, however, they’d like nothing more than being able to buy their team’s new football shirt as soon as it comes out.
One in four adults worry they aren’t saving enough every month to reach their financial targets, while 12 per cent don’t know how to manage their cash most effectively.
And on average, Brits reckon they’d need to earn just under £60,000 a year to avoid worrying about money.
Two thirds also feel that for them, financial freedom isn’t about reaching all their financial targets – they can still feel that way by simply feeling in control of their cash day-to-day.
To do this, 21 per cent have made a conscious effort to understand where their money goes each month, according to the study carried out via OnePoll.
The same amount try not to compare their financial situation to anyone else’s, and 19 per cent find having clear financial goals to aim for is helpful.
Barclays’ spokesperson added: “Financial freedom doesn’t have to mean having enough money in the bank to buy whatever you want.
“You can feel financially free and still have certain goals to achieve, such as paying off your mortgage, or even things like car payments.”
“Really, what we found in this survey is that financial freedom is very much a state of mind – something tangible for one person may not work for another.”
TOP FIVE TIPS FOR FINANCIAL WELLBEING
1. Before you start paying off your debt, take a step back and figure out how much you owe overall, when you would ideally like to have this paid off by and how much you can afford to pay back each month.
2. Setting aside small amounts now and slowly increasing the amount will help kick-start your journey. Savings challenge like the 52 week one can help build your fund.
With this challenge you can simply put £1 in on week one then increase it by £1 each week, by the final week you’ll be saving £52 which will leave you with an impressive £1,378 by the end of the year.
Tools such as the Barclays Savings Goal tool [https://www.barclays.co.uk/savings/saving-towards-a-goal/ ] can help you keep track of your progress.
3. If you’re saving for any longer term goals – retirement, children’s education or future financial freedom – then it’s well worth considering investing.
If you’re unsure where to start, many banks or and investment platforms offer “ready-made funds” that are based on the level of risk you are comfortable with and which they’ll manage on your behalf.
4. By using monthly disposable income, or extra cash from a pay rise or a bonus, you could reduce your mortgage balance faster, enabling you to make some significant savings in the amount of interest you pay over the long-term.
5. Write down all things you think you really want to spend money on, then review this against what you currently ‘do’ spend money on over the month.
This should give you some idea of areas where perhaps you can reduce spending as you wouldn’t pay for it today.
THE TOP 50 SIGNS OF FINANCIAL FREEDOM
1. Having no debt
2. Mortgage is paid off
3. Being confident that I can cover any unexpected costs
4. Feeling in control of my finances
5. Saving money each month
6. Having disposable income available at the end of the month
7. Paying off all bills in full each month
8. Having rainy day savings set aside
9. Not worrying about when payday is
10. Paying for things without needing to check bank balance first
11. Being able to enjoy the lifestyle I want without worrying about money
12. Being able to treat myself to things without worry
13. Not being afraid to check your bank balance
14. Not counting down the days until payday
15. Being able to treat myself without worrying about my bank balance
16. Can go on a spontaneous holiday without having to save up in advance
17. Being able to make home improvements without needing to save up
18. Being able to stop working full time
19. Owning a property as opposed to renting
20. Feeling more confident about my future financial position
21. Car is bought outright
22. Not feeling like I need to check my bank balance regularly
23. Not having to check the price of things when shopping
24. On track to retire early
25. Having enough money to live my dream life
26. Being able to treat my family and friends
27. Being able to choose anything on the menu when dining out and not worry about the bill
28. Feeling like I can provide my family with a better life
29. Not having to compromise on gifts at Christmas or birthdays
30. Having more than one holiday abroad a year
31. Being able to buy a round without worrying about money – or what people choose
32. Going out to restaurants regularly
33. Not having to wait for sales in order to buy desirable items
34. Being able to stay in four or five star hotels as a matter of routine
35. Spontaneously splashing out on something which you don’t really need e.g. a fancy air cooler, a posh floor mop
36. Fully filling your car with fuel rather than just a few pounds worth
37. Owning more than one property
38. Being able to fly business class or above as a matter of routine
39. Being able to take the kids/grandkids for lots of days out
40. Doing the food shop at a high-end supermarket
41. When you can treat your parents to a meal out
42. Regularly visiting the hairdressing salon / barber
43. Having a cleaner
44. Being able to buy the latest TV
45. Having no student loan
46. Buying name-brand products rather than own-brand items
47. Never looking at my wardrobe and thinking I have nothing to wear
48. Being able to buy designer clothes regularly
49. Having multiple TV subscription packages
50. Having an ensuite bathroom