Financial squeeze causes couples to ponder their future

Couples across the country are being forced to put important milestones on hold because of money troubles.

The latest research found that one in four adults is having to put their dreams on hold as they cannot afford to own a property, get married or start a family.

A nationwide study has revealed that almost 50% of couples have had to prioritise having children over a house. In contrast, a third of those surveyed opted to buy a property first.

The issue of marriage also puts financial pressure on couples as the average wedding can cost up to £21,000. A fifth of people are delaying getting married because of the cost and 8% say that a lack of money has put them off marriage permanently.

The latest government statistics show that the number of marriages in the UK is currently at an all-time low of approximately 266,950 per year, compared to 313,551 five years ago.

Marriage is the lowest priority for those who wish to start a family and own a home. The research found that just 22% of couples would get married ahead of these other milestones.

The tough financial climate is stifling ambitions for traditional family life and many people are being forced to choose between what is most important to them.

Matt Owen, a spokesperson for Churchill Home Insurance, commented on the research; “Financial uncertainty has meant a lot of people have had to make difficult decisions about their priorities in their home lives. It appears that having a big wedding is a now seen as a ënice to have’, but starting their own family is what’s really important for many couples.”

The study found that financial woes are making couples think carefully about starting a family. Over one in five of those aged 18-34 have chosen to delay having children in order to become more financially secure first of all.

The country is divided when it comes to traditional values as 53% of couples in the North-East would choose starting a family ahead of buying a house or getting married, compare to those in the South.

If you are considering starting a family, saving for a house or a wedding, compare savings accounts with Money Expert.

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