Current economy forces millions of Brits to put life on hold
Research has revealed significant life events are being put off by Brits due to the current economic climate.
Two thirds of Brits (65%) have not been able to make important life decisions as households continue to struggle with their finances, according to Britain’s leading comparison site, MoneySupermarket.
The prime age is considered to be when individuals aged 18-34 make important life changes, but 17% of Brits have had to delay buying a house for an average of 4 years.
Marriages have been delayed by an average of 3 years for 10% of the population, and the economy has caused 8% of the population to postpone having their first child by an average of 3 years.
Travelling (32%), home improvements (27%) and short term saving (21%) have also been on hold by people across the UK.
Consumer finance expert at MoneySupermarket, Clare Francis, said: “The current state of the UK economy is forcing people to delay exciting and important life stages, such as having children or buying their first home.”
The research continued to reveal what individuals feel they need in order to get their life back on track. 52% said an income increase would resolve the financial strain; 46% said the costs of daily living need to be reduced, and 34% felt they would have to win the lottery.
Francis continued: “You can fight back from living a life in limbo and take control of your financial situation - there are a number of ways to make savings without waiting for that big lottery win. By organising your finances and switching to the best deals available, significant savings can be made; enough to pay off debts or make everyday living more manageable.”
Individuals looking to reduce debts on credit cards or overdrafts should consider prepaid cards to manage weekly and monthly finances. This may encourage some consumers to stick to the funds on the prepaid card and in turn not accidently creep in to debt.