People in their early 30s are delaying life milestones because of financial insecurity, research by LV= has revealed.
The study of 8,529 adults found that 24% of 30 to 35-year-olds are worried about the financial impact of milestones, such as having children or buying a home.
Additionally, 17% say lack of financial confidence has caused them to put off these major life milestones.
The research identified this generation as one of the least financially resilient groups, with 73% falling short of the Money Advice Service’s guideline of having 90 days’ worth of wages as savings.
Justin Harper, head of policy for protection at LV=, said:
“It’s deeply concerning that many of those in their early 30s are delaying major life milestones because they feel worried, unconfident and ill-prepared financially.
“And it is worrying that so few of this generation can withstand the financial effects of an unexpected income shock – they have no Plan A, nor a Plan B.
“With low financial confidence and little provision to handle a financial crisis, there is a clear need for a safety net – a form of independence plan.”
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