Britons Underestimating Costs Of Significant Events in Life

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Research carried out by one of Britain’s largest banks has revealed that we are guilty of not budgeting enough for the six key checkpoints in our lives: buying our first car, putting a deposit down on a house, going to university, getting married, having children and then sending those children to university.

The survey found that there is a massive £124,000 between what people are expecting to pay (£190,156) and the reality (£313,859) of how much these key milestones are going to cost.

The survey of over 1,000 UK adults found that people:

  • Underestimated the cost of their first car by £2,500
  • Thought that the deposit on their first house would be around £29,000, not £38,000
  • Estimated their student debt would be £9,000 lower than the true amount of £20,000.
  • Guessed that the price of a wedding would be around £8,500 rather than £20,000
  • Underestimated the cost of raising their first child, as most believed that it would cost them around £86,000 – over £116,000 lower than the real cost of over £200,000.

wedding-car
The research also showed that more Britons intend to cover the costs for life’s big events using their savings. Now that interest is so high and the cost of living keeps going up every day, it just is not common for people to have savings that are easily accessible. Many of us in the UK will inevitably have to postpone some of these key milestones like buying a first house or getting married because they just aren’t affordable.

Although you wouldn’t be able to cover the costs of the larger amounts of money like for a wedding or your first home, taking out a payday loan via instant payday loans direct lenders could help ease the strain and to tide you over until you manage to meet these important big events in our lives. Check out text loans lenders UK if you need a little extra cash until your next payday!

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