- New survey reveals the financial life events Brits find most daunting
- First-time buying, starting a family and funeral costs all top the list of money woes
- The UK admits to panicking over the price tags associated with weddings and further education
With reports that the national minimum wage is still not enough to cover living costs, a new survey uncovers which future financial concerns are worrying Brits the most.
In the wake of a report from The Guardian that the new minimum wage still falls short of the real cost of living in the UK, kitchen worktop supplier Stone Genie asked 1,000 Brits which costly life milestones they find the most daunting – and the results are in.
The finances associated with buying a first home proved to be the biggest concern for Brits, taking almost half of the overall vote.
Costs associated with starting a family came in second place, with just under a quarter of respondents admitting to worrying about how they would provide for their offspring.
Making a house a home
Buying their first house topped the poll for 48% of participants, with nearly half of Brits revealing that the prospect of getting a foot on the property ladder filled them with anxiety.
Perhaps unsurprisingly, 18-24 year olds are especially concerned about moving away from renting – with just over half of voters saying they worry about how they’ll afford a home of their own.
Next on the list of concerns is starting a family, scooping 23% of the total vote – hardly surprising as the cost of living continues to climb.
Love and loss
Funeral fears plague 17% of Brits, with 9% more women than men admitting to this looming worry – and a fifth of 45-54 year olds said this is of particular concern for them, too.
When it comes to saying “I do”, 12% of respondents said they were concerned about forking out for their big day – with male participants feeling the brunt of this particular financial burden.
Saving for schooling
For a small proportion of respondents, parental duties surrounding higher education are keeping them awake at night – with 8% of all respondents keeping one eye on school and university fees.
Other money-related strains included rent costs and retirement pots.
Which of the following costly life milestones do you think are the most daunting?
- Buying your first house: 47.9%
- Starting a family: 23.1%
- Paying for your funeral: 16.8%
- Paying for a wedding: 12.1%
- Paying for further education: 8.3%
- Other: 1.1%