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Economy puts young people’s lives in limbo
March 28, 2012
By Caroline Johnson

New research has suggested that many people are effectively putting their lives ‘on hold’, due to the current economic situation.

The study from MoneySupermarket.com found that two-thirds of Brits admit that they are putting off making major life decisions until the economic climate is more stable. The research found that 18-34-year-olds are typically putting these decisions on hold the most, despite the fact that they are in the optimum age group for activities such as buying a home and having children.

The main things people are putting on hold are travel (32 per cent), home improvements (27 per cent) and savings (21 per cent).

Of those surveyed, 17 per cent said they had put off buying a house, delaying the move by an average of four years. One in ten said they had put off getting married by three years and eight per cent said they had delayed having children by the same amount of time.

Clare Francis, a consumer finance expert at MoneySupermarket, said, “The current state of the UK economy is forcing people to delay exciting and important life stages, such as having children or buying their first home. People are obviously feeling the strain from rising living costs and lack of pay increases - and as the research shows, it may take people a few years to get back on track.”

She added, “You can fight back from living a life in limbo and take control of your financial situation - there are a number of ways to make savings without waiting for that big lottery win. By organising your finances and switching to the best deals available, significant savings can be made; enough to pay off debts or make everyday living more manageable.”

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