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Families and furnishings; 30 somethings prioritise spending on life goals

Jan 04, 2018

Families and Furnishings 04-01-17

According to new research by American Express, Brits in their 30s are spending their hard earned cash on achieving life ambitions such as renovating a home, having children and getting hitched.  

Over a quarter (28%) of 30 somethings choose to spruce up their property, spending an average of £33,359 hitting this milestone. A third (33%) choose to get married and spend on average £18,356 in the process.

In comparison, those in their 20s spend on average £15,744 renovating their home and £11,780 tying the knot, indicating a major financial leap between the decades.

The other most costly pursuits for 30 somethings include starting a family (£17,198), buying a car (£13,556) and starting a business (£12,778).

Cost of 30s Life Milestones

 Life milestone % of Brits that achieve the milestone in their 30s Total average spend on this milestone 
Renovating a home 28%
£33,359
Getting married 33% £18,356
Starting a family 41% £17,198
Buying a car 20% £13,556
Starting a business 17% £12,778
Starting/completing further education 14% £12,034
Furnishing a house 32% £10,049
Going travelling for an extended period 13% £8,595

Despite being coined the ‘Peter Pan Generation’, the research found the majority of 30 something Brits (75%) do not intend to delay significant spending moments to their 40s and will make financial sacrifices to ensure they achieve them.

This sentiment is also echoed in how Brits feel about their spending behaviour in their 30s, compared to their 20s. More than half (61%) admitted they take their money more seriously once they hit the big 3-0 and 50% said that is was a priority to put their hard-earned money toward key life milestones.

Original source: http://about.americanexpress.com/news/pr/releases.aspx