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Recession puts Brits’ lives on hold

business growthThe majority of British consumers are being forced to postpone life decisions due to a lack of financial resources.

MoneySupermarket has revealed in a new study titled ‘Life in limbo’ that up to 65% Brits are putting certain life decisions on stand-by as a consequence of the current financial crisis.

Brits aged 18 to 34, precisely those who are leaving the nest and trying to start a new life, are the ones who are forced to give up the most amid the current financial crisis.

Figures reveal that the top three decisions to be put on hold are going on holiday (29%), saving for the long-term (20%) and the short-term (20%), and buying a new car (19%).

The recession is also having an impact on other sorts of decision among people within this age group. 17% of them are postponing buying a new house by an average of four years, 10% are putting off their wedding plans by three years and a further 8% are delaying the decision to have their first child for two years.

Older Brits, however, are also suffering the consequences of the economic climate, with the majority of them having to postpone their retirement for five years on average.

Back on track

“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,” said Clare Francis, consumer finance expert at MoneySupermarket.

The survey also asked Brits what economic changes and conditions they might need to put their life plans back on schedule. Over a half of them (52%) said that an increase in income would help, 46% hoped for a reduction of current living costs and further 34% directly stated that they might need to win the lottery to afford all their life plans.

Responsible lenders offer unsecured personal loans which are available to give you access to the funds you may require. Of course, no such loan should be taken lightly, and as with any form of borrowing it is important that you are able to meet repayments.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074