An Office for National Statistics study into adulthood shows that the average age of first-time property buyers in the UK has increased significantly in the past 20 years.
Commenting on today’s ONS study of journeys into adulthood,1 Alistair McQueen, Head of Savings & Retirement at Aviva said:
“Today’s report counters the perception that “kids are growing up too fast these days.”
“The typical ages at which we reach significant milestones in our life have all risen over the past 20 years:
- Leaving full-time education: up 1 year to 19
- Leaving parental home: up 2 years to 23
- First-time mother: up 2 years to 29
- First-time married (men): up 3 years to 33
- First-time married (women): up 4 years to 31
“It is the typical age of a first-time buyer of property that has seen the biggest increase over the past 20 years - rising eight years from 26 to 34.
This rise in age has significant implications for our retirement planning.
We assume that our mortgage will be paid off by the time we retire - allowing us to maintain our living standards on less income. As the average age of home ownership rises, this will no longer be the case for a growing number of people.
Changes in society mean that we can no longer rely on yesterday’s assumptions to shape tomorrow’s plans.
These societal changes highlight the importance of planning for our retirement. If we don’t plan today, we may wake up with a shock tomorrow.
- ENDS -
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £331 billion in assets (as at 31 December 2018). Total group assets under management at the Aviva group are £470 billion (as at 31 December 2018).
- Aviva helps people save for the future and manage the risks of everyday life; in 2017, we paid out 98% of all our claims across all our markets and insurance products. We paid £34.6 billion in benefits and claims in 2017.
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