Aged 24? Get ready for your life’s greatest financial bottleneck

Plymouth residents face the most financial pressures in life in their 20s, with four of the nine biggest (and most expensive) life moments landing within a matter of years.

From getting engaged at 24 and buying the first family car at 26 married at 27, to having a baby just after this and buying the first family home at 28, our 20s are one of the most stressful, expensive times in our lives. For those hoping for a respite in their 30s – think again! That’s when we’ll be taking our first big family holiday, building an extension and possibly even changing career.

The study of Plymouth residents also revealed that the majority of us (two thirds) change career at some point in our lives, with almost half of people from the area opting to start their own business.

The Royal Bank of Scotland, as part of its Biggest Moments Report, has revealed these ‘financial bottlenecks’ in a poll of major cities, as the bank offers lowest ever loan rate for its customers’ biggest moments.

It’s easy to see why these bottlenecks can cause financial strife - the average wedding costs over £30,000, an overseas holiday costs £1,074 per person and even the cheapest new cars cost £8,000 - £9,000*.

Paul Fox, Retail Managing Director (England and Wales), The Royal Bank of Scotland said: “People come under various different financial pressures in life, and with so many happening within a matter of years, it can cause quite a strain. That’s why we’ve launched our lowest ever loan rate for such big moments. We encourage customers to come in and talk to us for help getting through this financial bottleneck – even those who think that these big moments are beyond their reach.”

While this bottleneck may sound unappealing, most agree that it’s better to stretch ourselves financially in our younger years when we can still enjoy the fruits of our labour, with 89% of those who took out a loan for a house extension and 94% who took out a loan to buy a car saying it was worth it.

Life’s Biggest Moments

Getting engaged – mean age of 24

Getting married – mean age of 27

Buying your first family car – mean age of 26

Having your first baby – mean age of 27

Buying your first house – mean age of 30

Taking your first big family holiday – mean age of 33

Making a career change/retraining – mean age of 33

Extending your home / similar building work – mean age of 38

Starting your own business – mean age of 37