According to a survey conducted by a British credit checking firm, ClearScore, the most expensive year of a person’s life is age 31.
The survey revealed that a person would need as much as P3.1 million (Dh218,000) just to be able to afford a decent wedding, honeymoon, have a baby, and buy live in his/her own.
With this data, a 20-year-old fresh graduate in the Philippines needs to save Php31,000 so that he/she can afford to live comfortably while starting his/her own family by the age of 31.
ClearScore surveyed 3,000 people and found that the biggest expenses at age 31 are getting married (27%), buying a house (25%), having a baby (20%), and paying for a honeymoon (14%).
About 60% of the respondents had savings to pay for everything, while 33% of 25 to 34 year olds still rely on their parents for financial support. Just 14% of people over age 55 said their parents helped them financially.
The survey also found out that 30-something people have future financial worries, including saving for retirement, saving money at all, and having enough financial stability to support children.
“Many of life’s big milestones tend to happen very close together so we weren’t shocked to discover how much people were spending during their most expensive year,” said Justin Basini, the chief executive of ClearScore.
