Report highlights financial woes of thirtysomethings

16/03/2009

Brits face some of the worst financial pressures of their lifetime when they hit their early 30s, according to a major new study.

Friends Provident, an insurer, said that many people of this age get married, have their first child and buy their own home - all of which cost considerable amounts of money.

However, the report also identified thirtysomethings as the age group most likely to "completely change profession" after tiring of their former line of work - another financially risky move.

Figures from the firm also showed that many early-30s were unprepared for the budget pressures, with 24 per cent saying that they had "no plans" for their long-term future and preferred instead to "hope that things worked out for the best".

Meanwhile, six in ten said that the current financial downturn would "provide an opportunity" for them to "reassess" their current career.

Commenting on the report, Martin Palmer, head of corporate pensions marketing at Friends Provident, said: "In the current economic climate and challenging job market, thirtysomethings are facing increasing pressure as many different financial pressures converge.

"For those planning significant career and job changes, it is vital that they pursue not just salaries and short-term gains, but the right financial packages for their long-term futures."

Tags; Income Worries and Debt, Young Family Finances,

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