Rising cost of family milestones
LIFE’S milestone events are costing families £50,000 more than last year.
Bills for events including starting a family, getting married, going to university and buying a first property have soared by 14 per cent. They now cost, in total, an average of £310,279, according to bank HSBC.
However people expect the cost to be much lower, at £178,140.
Having a first child will cost a family £165,648 on average compared to the £73,221 they anticipate while tying the knot will cost £20,273 rather than the £8,365 expected.
Unless people are aware of the budgets needed and start saving early, some may have to delay these milestones
Much of the increase since last year can be attributed to the cost of getting a degree soaring from £20,000 to £43,5000 after tuition fees rose.
Bruno Genovese, head of savings at HSBC, said: “Unless people are aware of the budgets needed and start saving early, some may have to delay these milestones.”