The age of 31 is the most expensive year of your life

Greg Evans
Sunday 11 March 2018 16:45
news
Picture:(Getty Images/iStockphoto)

If you are or will be turning 31 in the next year be prepared to spend a lot of money.

Via: Giphy (Giphy)

No, not like that.

A survey by the credit check company ClearScore found that due to the important life moments occurring at this age, this is when most people will begin to feel the squeeze more financially.

Of the 3000 people who took part in the survey, the number one biggest expense at 31 was considered to be getting married, which earned 27 per cent of the vote.

Closely following it was the purchase of a house (25 per cent), having a baby (20 per cent) and paying for a honeymoon (14 per cent).

Those are all huge moments in any person's life. But, as we all know, millennials spend way too much money on sandwiches. So how much do they need to save in order to pay for all this stuff?

The survey learned that the average 31-year-old will need to save as much as £43,000 to cover the cost of those aforementioned expenses - and that doesn't even account for future costs like retirement and having enough money to support your kids.

Therefore, it won't be surprising to learn that 33 per cent of 25 to 34-year-olds still rely on financial support from their parents, while 60 per cent of those involved in the research already had enough saved to pay for everything.

Amazingly, 14 percent of those who took part over the age of 55 said that their parents still helped them with money.

Chief executive of ClearScore, Justin Basini is quoted by Business Insider as saying:

Many of life's big milestones tend to happen very close together so we weren't shocked to discover how much people were spending during their most expensive year.

What with influences already making life more expensive - such as Brexit, lower income growth, rising price houses and everything just costing loads - it's hard to imagine any young person being able to afford any of this stuff off their own back.

Unsurprisingly, 51 per cent of the people aged 22 to 34 involved in the survey agreed that young people have been given a rough ride financially. Interestingly, even more people aged over 55 agreed with this sentiment, with 57 percent believing it to be true

So it won't be shocking to discover that 20 per cent of people under 34 have had to use credit to make a big purchase, which is a stark difference to just the 8 per cent of over 55s who have had to do the same.

Sorry to say millennials, but you are going to have to hold off on making it rain with cash for just a little longer.

HT news.com.au

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