02075380909 info@andersonross.co.uk

Early-30s delay milestones due to financial insecurity

9th August 2018

People in their early 30s are delaying life milestones because of financial insecurity, research by LV= has revealed.

The study of 8,529 adults found that 24% of 30 to 35-year-olds are worried about the financial impact of milestones, such as having children or buying a home.

Additionally, 17% say lack of financial confidence has caused them to put off these major life milestones.

The research identified this generation as one of the least financially resilient groups, with 73% falling short of the Money Advice Service's guideline of having 90 days' worth of wages as savings.

Justin Harper, head of policy for protection at LV=, said:

"It's deeply concerning that many of those in their early 30s are delaying major life milestones because they feel worried, unconfident and ill-prepared financially.

"And it is worrying that so few of this generation can withstand the financial effects of an unexpected income shock - they have no Plan A, nor a Plan B.

"With low financial confidence and little provision to handle a financial crisis, there is a clear need for a safety net - a form of independence plan."

Speak to us about your personal finances.

sage