The average cost of getting married, buying a house and having children in the UK has risen to almost £395,000, according to OneFamily.
This has increased by £35,000 in just two years, up from £360,000 in 2022.
OneFamily says the high cost of key life goals means the traditional path of buying a house, marriage and having kids is difficult to afford, as young adults juggle costs including rent, bills and saving for a deposit.
As part of the research by OneFamily, which surveyed 2,000 UK adults between the ages of 18-40, people were asked about their top three life goals. 54% say their priority was living comfortably, reflecting that in the midst of a cost-of-living crisis, rising energy bills and inflation, many young adults just want to make sure they can make ends meet.
The second highest priority is to go on holiday or travel (36%). 28% prioritise buying a house, with the same proportion hoping to have savings when they retire.
With rising costs forcing people to make tough choices, getting married or having a wedding has fallen towards the bottom of the list, as 12% say this is in their top three goals. However, when asked if they would like to have a wedding, three in four (75%) non-married people say they would. This suggests, while people do still want to get married or have a wedding, it is simply not a top priority when taking other expenses into account.
Of those who are not married, two in five (38%) who would like a wedding are concerned about how they will be able to afford it, as the average adult under 40 expects a wedding to cost around £16,000.
The lifetime ISA is a product set up by the UK government to help people buy their first home or save for retirement. The government tops up lifetime ISAs by 25%, so for every £100 saved, an extra £25 will be added on top. The maximum saving limit into a lifetime ISA per year is £4,000, which equates to an annual bonus of up to £1,000.
Lifetime ISAs can be opened by people aged between 18 and 39 and the free government bonus provides a boost which can help those hoping to get on the property ladder.
Jackie, customer operations director at OneFamily, said, “Given the recent cost-of-living crisis, it’s hardly surprising it’s becoming more difficult for people to afford buying a home as well as their dream wedding. It’s tough for young adults in the UK, as they juggle paying rent, bills and saving for a deposit.
“Social mobility is something we really believe in at OneFamily, as everyone should have access to equal opportunities, regardless of their background. Lifetime ISAs can really help people wanting to save for their first home, as the free bonus can give them that extra boost.”