The Royal Bank of Scotland's Biggest Moments Report Reveals Life's Greatest Financial Bottlenecks
LONDON, February 8, 2017 /PRNewswire/ --
- Adulthood officially starts at 26 in the north west of England as life's Biggest Moments kick off, draining our finances
- People in the north west get engaged and have a baby (aged 26), get married (aged 27), and buy their first home (aged 28)
- Financial bottlenecks 'worth the hassle' to enjoy life
The typical North West resident faces the most financial pressures in life in their 20s, with five of the nine biggest (and most expensive) life moments landing within a matter of years.
From getting engaged and having a baby at 26, to getting married at 27 and buying the first family home at 28, our 20s are one of the most stressful, expensive times in our lives. Those hoping for a respite in their 30s may be disappointed. That's when we'll be taking our first big family holiday, building an extension and possibly even changing career.
The Royal Bank of Scotland, as part of its Biggest Moments Report, has revealed these 'financial bottlenecks' in a poll of Brits, as the bank offers lowest ever loan rate for its customers' biggest moments.
It's easy to see why these bottlenecks can cause financial strife - the average wedding costs over £30,000, an overseas holiday costs £1,074 per person and even the cheapest new cars cost £8,000 - £9,000*.
Paul Fox, Retail Managing Director (England and Wales), The Royal Bank of Scotland said: "People come under various different financial pressures in life, and with so many happening within a matter of years, it can cause quite a strain. That's why we've launched our lowest ever loan rate for such big moments. We encourage customers to come in and talk to us for help getting through this financial bottleneck - even those who think that these big moments are beyond their reach."
While this bottleneck may sound unappealing, most agree that it's better to stretch ourselves financially in our younger years when we can still enjoy the fruits of our labour, with 92% of those who took out a loan for a house extension and 83% who took out a loan to buy a car saying it was worth it.
Life's Biggest Moments in the North West
Getting engaged - mean age of 26
Having your first baby - mean age of 26
Getting married - mean age of 27
Buying your first family car - mean age of 28
Buying your first house - mean age of 28
Taking your first big family holiday - mean age of 30
Making a career change/retraining - mean age of 31
Starting your own business - mean age of 33
Extending your home / similar building work - mean age of 36
Methodology
Opinium Research LLP conducted research on behalf of Royal Bank of Scotland among 1,296 residents of the north west. The polling was carried out 15-17 October 2016 online.
Footnotes
Average cost for wedding, overseas holiday, and new car:
http://www.bridesmagazine.co.uk/planning/general/planning-service/2013/01/average-cost-of-wedding
http://www.carbuyer.co.uk/reviews/recommended/best-cheap-cars
SOURCE Royal Bank of Scotland
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