With many struggling with their finances, dreams of getting married, buying a property or starting a family are having to be put on hold or prioritised.
Research by Churchill Home Insurance shows that nearly 30% of adults are having to put a hold on and prioritise whether they marry, buy a home or have children first. Clearly the economic climate is hitting hard.
The financial pressure and need to save money is stifling the ambitions of some looking for traditional family life. More than 40% of couples decide to have children first, a third opt to buy property first and just over 20% opt to get married first.
In fact 8% of couples say they have put off getting married permanently due to a lack of money.
Matt Owen, spokesperson for Churchill Home Insurance, commented: “Financial uncertainty has meant a lot of people have had to make difficult decisions about their priorities in their home lives. It appears that having a big wedding is a now seen as a ‘nice to have’, but starting their own family is what’s really important for many couples.”
According to Government figures the number of marriages in the UK is currently at an all-time low of around 266,950 marriages a year, compared with 313,551 five years ago*.
MoneyHighStreet comments: “Whilst making these very important decisions is extremely difficult, far better to be aware of financial constraints and act accordingly, rather than try to take on everything and end up with massive debt problems.
“Taking the opportunity to save money where possible is a must, whether it be on energy bills, mortgage interest payments or on such as buying Christmas presents. Thinking carefully about how you use your money and being a savvy shopper is the name of the game at the moment.
“Don’t cut corners either or try and cut out expenses that are a must – for example, we reported yesterday that some are not bothering to take a driving test to save money, or are driving whilst uninsured. However tempting, it really isn’t worth falling in the wrong side of the law in your attempt to save money.
“If you do have money in savings accounts, however small or large the amount, also make sure you are making the most of it. For example, have you used your tax free cash ISA allowance? Also, be aware that interest rates on some accounts will be bolstered for a period of time to attract your investment. If the deal period has ended you may be getting less interest than you can – it’s worth taking the time to check and if need be switch your money to another savings account.”