Early-30s delay milestones due to financial insecurity

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."

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The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.

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