UK couples forced to adjust their wishes based on financial realities

Published on 1 January 1970 by Raffick Marday

A recent study from Churchill Home Insurance reveals that a quarter of British couples have to put their future dreams on hold due to the financial recession.

Marriage, purchasing a property or starting a family... The current financial turmoil is forcing one in four British couples to decide which milestone is most important to them.

According to the study, 43% would choose to use their money to start a family first, a third would buy a house and 22% would get married.

While older generations would have traditionally valued marriage above the other two milestones, this is now a priority for just one in five couples. In fact, 8% say a lack of money has put them off marriage permanently.

It is also worth noting that while years ago couples had children in their 20s, research shows that 21% of those aged 18-34 have chosen to delay having children and wait for a more financially secure environment.

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The situation is forcing couples turn to alternative sources of income to pay for their dreams.

Recent figures, produced by Credit Action, regarding UK debt statistics reveal an increase in the average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans.

At the end of September 2011, the average amount of money borrowed from banks or financial buildings had risen to £4,247 per average UK adult.

Using credit cards is sometimes perceived as a risky business because it gives people the feeling that they have more money to spend. However, credit cards can be a very useful tool when people are facing a particularly difficult financial period.

They key is to be cautious with the spending and compare credit cards in order to avoid paying too much for them.

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