Friday, 23 August 2019
PRICE comparison website Moneysupermarket has reported that 30 is the average age at which people in Britain arrive at adulthood — as they combine increasing financial responsibility with parenthood.
The company has analysed millions of credit card, mortgage and loan enquiries over the last two years to build a unique picture of the nation’s key borrowing milestones, in order to identify the age at which people feel most financially responsible.
Applications for debt loans, or loans to pay off other debts, peak at 30 — accounting for over four percent of all loan enquiries.
The report also reveals some of the pressures that come with adulthood, with 48 per cent of the nation admitting to feeling more anxious the more financial responsibility they accumulate.
When asked what made them feel like an adult, 11 per cent said turning 30, alongside graduating at 12 per cent and moving in with a partner at 24 per cent.
The most common age for people to enquire about mortgages and credit cards is 29, suggesting this is the age when people take their first steps into home ownership.
Rachel Wait, consumer affairs spokesperson at Moneysupermarket, said: “People naturally go through different life stages at different times, but what our report shows is that there are certain moments when the weight of financial responsibility is much heavier than others.
“The late twenties and early thirties represent some of the most financially squeezed points. When it comes to your finances, planning ahead is always ideal but it’s never too late to start budgeting for important milestones.
“If you do need to borrow, don’t panic — there are ways to do it responsibly and manage your debt in a way that works for you.
“Make sure you also check the terms and conditions before you apply for any credit, to ensure that you can meet the minimum repayments and stay on top of your debt.”
12 August 2019
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