A study carried out earlier this year claims that the average adult in their twenties plans to postpone many of the key stages I their lives, such as marriage, having children and purchasing properties.
The study revealed that the average couple back in 1985 would have spent £35,000 on property. This equates to four times the average annual salary. Today, a couple would be looking to spend £163,000 for the same property. This is eight times the national average for a twenty-something’s salary, which eliminates a huge number of people from getting a foot on the property ladder.
First Direct conducted a poll back in February of this year and of the 3,000 participants, 75% agreed that young people are, “the most financially pressured in history”. 20% either had or believed they had to postpone wedding plans, whilst 25% thought they would have to postpone having children due to lack of funds. Sadly, 1/3 of participants claimed that they were considering not having children at all because they would never be able to afford to raise a child.
In comparison, most of the parents of those questioned, never had to delay any key stage of their lives. The most significant barrier keeping many young people from planning for their futures is the difficulty of buying property. A typical parent of 45 would have married and had their first child at 26 and would have been on the property ladder by 27. Today, it is expected that the average age for a first time buyer would be more like 37, for people not supported financially by their parents.