A whole generation could be on pause due to the cost-of-living crisis according to a report, as squeezed household finances have caused one in 10 people to rethink their plans to start a family [1].
Cost of a family The cost of having children has risen; since February 2023, expenses have increased by £1000 a month for the average family with young children. Higher mortgage rates have had a significant impact too – average monthly payments have risen by £588. As a result, 34% of adults aged 35-49 have regularly gone into their overdraft or been forced to borrow money to make their payments. Meanwhile, 23% have been left with no savings at all.
You don’t have to delay your life You don’t have to delay your life plans to make ends meet. We can help you source the most suitable mortgage, taking into account your current circumstances and your hopes for the future.
[1] Royal London, 2024
🚨 Data accurate as of the date of publication – 05.09.2024
🚨Information within this blog is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed.
🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.
Source: Quilter Financial Planning – Essentially Mortgages Q3 2024
