Money Wellness
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calendar icon16 Apr 2024

Cost of ‘settling down’ in the UK reaches £400k

Research from OneFamily shows that the cost of buying a home, getting married and having children has soared to £400,000.

This shows a rise of £35,000 in family and home costs in just two years.

The research was a survey on 2,000 UK adults

Top financial concerns

  • Over half aged between 18 and 40 years old said their main financial priority is just to live comfortably
  • Their second financial concern was to be able to go on holiday
  • Just under a third are trying to get on the property ladder

 With the general expectation that weddings nowadays cost £16,000, only a tenth of millennials and Gen-Zers surveyed said getting married was one of their top three life goals. Even so, three quarters of non-married adults would eventually like to get married.

Jackie Davies, customer operations director at OneFamily, said: “It is hardly surprising it’s becoming more difficult for people to afford buying a home as well as their dream wedding. It’s tough for young adults in the UK, as they juggle paying rent, bills and saving for a deposit.”

Help to Save accounts

If you’re on working tax credit or getting universal credit and struggling to build up savings, you may be eligible for a Help to Save account.  The scheme is backed by the government, so the money you save will be protected.

Check you’re getting all the benefits you’re entitled to.

What is a Help to Save account?

With a Help to Save account, you get a bonus of 50p for every £1 you save over four years. You’re allowed to save between £1 and £50 each calendar month but you don’t have to pay money in every month. If you saved the maximum amount allowed each month, you’d add £1,200 to your savings.

You can pay money into your account by debit card, bank transfer or standing order, and you can make as many payments as you like, as long as the total amount paid in during one calendar month is no more than £50.

You can carry on saving into a Help to Save account even if you come off benefits. And if you and your partner claim benefits as a couple, you can both apply for your own Help to Save accounts. 

Find out how to set up a Help to Save account

Check what other cost-of-living help you could get.

 Struggling with your debts?

Our free debt advice is available to people all over the UK, online or over the phone. We’ll go through your finances in detail and explain your options. You might be surprised at the range of help available. We can: 

  • check you’re getting all the benefits you’re entitled to
  • help you with budgeting
  • advise you on debt solutions

 There are various debt solutions available that reduce your monthly debt repayments and even write off some of your debt. We’ll let you know if any of them are suitable for you. All our advice is free. Some debt solutions are free, while others come with a fee. We’ll give you all the information you need to make an informed decision and, if we recommend a debt solution and you decide to go ahead, we’ll help get it set up.

You can read our guide for more details before getting in touch if you’d like.

 

Avatar of Lydia Bell-Jones

Lydia Bell-Jones

With a background in banking, Lydia has been writing professionally for over five years. She is passionate about helping people improve their personal finances and has a particular interest in the connection between money and mental health.

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