Newly revealed debt trends delay plans of marriage and children
Recent studies have revealed that the typical British consumer is likely to become and remain indebted up until their early 60’s.
As British credit shoppers amass more in the way of loan and credit card commitments, the likely hood of having to deal with the burden of debt into the early years of retirement has increased by more than 20%.
Additionally, the study reveals that gender can also play a significant role in splitting the trend, with figures showing that men are more likely to remain in debt for a longer period of time, than women. The average woman is expected to completely break free from the shackles of debt towards the back end of their 40’s, where as men are more likely to become debt free towards the backend of their 50’s / front-end of their 60’s.
It is thought that the resulting effect of these findings can be more clearly seen through a decline in the number of couples willing to get married due to the additional financial constraints of a wedding, and it is also believed that fewer people are willing to have children in their 20’s for similar reasons.
One expert suggested that rising living costs are forcing people to devote more of their adolescent years towards saving for a debt free future, postponing the prospect of marriage and children as a by-product of such intentions.
