Millions of young Brits have been forced to delay their plans to start a family as a direct result of the cost-of-living crisis, according to the latest update of the LifeSearch Health, Wealth and Happiness Index. The research found that almost half (45%) of all Brits who had planned to either start a family, or have another child, have delayed their plans due to the cost-of-living crisis, rising to 60% of those aged 18-34.
Of those Brits who have put their family plans on hold, 55% see it as a short-term delay, but 45% say they will not be able to either start a family or have another child ‘for the foreseeable future’, rising to 47% for 18-34s. LifeSearch found that, as well as affecting family plans, the cost-of-living crisis is also impacting other major life decisions for many Brits.
Of those who’d planned to buy a house, a fifth (21%) will no longer be able to in the short term, while 28% have delayed it for the foreseeable future, meaning half of all Brits who had been hoping to buy a home have now been forced to put their plans on hold. In London, this rises to 65%, with the majority of this group saying they have delayed their plans ‘for the foreseeable future’.
61% of people who had planned to buy a car are now no longer doing so, rising to 68% of young people, while of those Brits who had planned to buy a family pet, almost half (45%) are now no longer able to as a direct result of the cost-of-living crisis. Again, the impact is greater on younger people – 61% of those who’d wanted to get a pet have delayed these plans – with nearly half of this group delaying for the foreseeable future.
While the long-term impacts of the cost-of-living crisis are shocking, given the impact rising prices and inflation are having on family budgets, it is perhaps not hugely surprising that major life decisions are having to be put on hold.
According to the LifeSearch research, the cost of essentials only needs to go up by £128 per month for Brits to struggle financially in the months ahead and by just £102 for 18-34s, so any extra pressure on finances – like another mouth to feed – are simply unaffordable for many people.
Emma Walker, Chief Marketing Officer at LifeSearch said: “This winter looks set to be challenging for so many this year; aside of the stresses people face as a result of the rising cost of living, many are also being forced to put major life plans on hold because they simply cannot afford to go ahead at the moment.
“Our study has shown that many are anticipating dire consequences this winter as almost one in two British adults expect to exhaust all their savings and one in three will struggle to pay for food, with a fifth expecting to use a food bank. So, while it is deeply saddening that almost half of those who had planned to start or grow their family have had to put those plans on hold, it is perhaps not hugely surprising given the difficult financial situation so many find themselves in.”
