- Retirement is the most expensive life milestone, costing Brits an average of £84,847 to stop working, followed by attending university (£29,189) and renovating your home (£27,780).
- Brits are delaying retirement by an average of 3.9 years due to the current high cost of living
- A third of Brits (33.4%) feel pressured to reach life milestones, rising to 54.5% among Gen Z
- Nearly a quarter (24.2%) of Brits would consider taking out a loan to reach life milestones
Reaching big milestones like owning your first car and getting married can be exciting markers of adulthood, but they usually can also come with a hefty price tag.
To find out exactly how much these milestone moments can cost, the loans team at Compare the Marketsurveyed over 2,000 Brits about the average expenses associated with reaching some of life’s biggest achievements. They also asked Brits if they have delayed certain milestones due to the cost of living, and whether they would consider taking out a loan in order to achieve them.
You can find the full research here: https://www.comparethemarket.com/loans/content/cost-of-life-milestones/
Retirement is the most expensive life milestone, costing Brits an average of £84,847 to retire
Retirement is the most expensive life milestone, with the survey revealing the average Brit has spent or plans to spend around £84,847 to retire. Many Brits will be adding to their retirement pots throughout their lives, either by paying money into a pension or setting aside their own savings for when they retire.
Brighton (£131,946) and Liverpool (£122,270) residents contribute the most to their retirement plans, while Plymouth ranks as the most affordable retirement destination, with an average cost of just £40,680 to retire.
The second life milestone is completing a university degree, with an average cost of £29,189. Gen Z faces the highest costs, averaging £49,188 on university fees, while Millennials spent over £10,000 less at £38,245.
| Rank | Milestone | Average cost (£) |
| 1 | Taking retirement | £84,847 |
| 2 | University | £29,189 |
| 3 | Renovating your home | £27,780 |
| 4 | Starting a family (i.e. buying things for your baby’s arrival) | £21,431 |
| 5 | Wedding | £20,838 |
| 6 | Getting a divorce | £18,166 |
| 7 | Buying a first car | £14,720 |
| 8 | Engagement ring | £1,425 |
Brits are delaying retirement by an average of 3.9 years due to the high cost of living
The survey found that retirement is the milestone Brits are delaying the longest due to the high cost of living, with the average person putting it off by 3.9 years.
This is followed by buying a first home, with Brits delaying this milestone by an average of 2.5 years. Gen Z is postponing homeownership the longest at an average of 3.2 years.
In third is starting a family, which Brits are putting off by an average of 2.1 years due to high living costs.
A third (33.4%) of Brits feel pressured to reach life milestones, rising to 54.5% amongst Gen Z
One third of Brits (33.4%) reported feeling pressured to reach certain life milestones.
This pressure is particularly strong among Gen Z, with over half (54.5%) saying they feel pressured compared to 27.4% of Gen X and just 11.3% of Baby Boomers.
Nearly a quarter (24.2%) of Brits would consider taking out a loan to reach life milestones
Nearly a quarter (24.2%) of Brits admit to considering taking out a loan to reach life milestones. Gen Z is most likely to consider a loan (40.3%), compared to Millennials (35.8%) and Gen X (20.7%).
Residents of Brighton (30.9%) and London (28.1%) are most likely to consider a loan for milestones. This isn’t surprising, considering these cities are among the most expensive for reaching milestones like buying a home.
