Home Lifestyle Looking into the high cost of young modern living as marriage rates fall

Looking into the high cost of young modern living as marriage rates fall

Looking into the high cost of young modern living as marriage rates fall

It appears that fewer couples are tying the knot due to the staggering cost of modern weddings, coupled in of course with the everyday cost of living.

Unfortunately, we are not the baby boomers of ‘yester year’, being in your twenties in 2018 can be a very expensive business, and it seems like this is being shown perfectly in the staggeringly low levels of weddings.

Now, I’m not trying to be too negative, but inflation can be a bitch, can’t it? Let’s have a look at some of the financial burdens and problems faced by young adults today; and then let’s see how this equates to not really wanting to fork out much for a wedding.

It is now harder than ever to hop on that property ladder for working young couples. There is definitely a housing crisis in the UK.

A shockingly low amount of young people own their own home, fewer than one in ten, a report has also come out this week that only 8 per cent of working class couples can afford a home, compared to 64 per cent of couples ‘pocketing the big sums’, according to the Mirror Online.

If this wasn’t tough enough news, even if you wanted to build your own home, 400,000 properties are still waiting for approval to be built in the form of planning permission.

If you’re on a salary between £22,000-£30,000 then you have a 1 in 4 chance of being able to buy your own home, in contrast to a 2 in 3 chance two decades ago.

Senior research economist has stated this week that the reasons for young people struggling to purchase a home is that the cost of houses has risen seven times faster than the actual average wage over the past twenty years! No wonder this is so darn hard, house prices are now 152% higher than they were in 2000.

Sajid Javid, communities’ secretary, has expressed his concern at young adults being unable to purchase their own homes, and has also hit out at baby boomers for criticising the actions of young people as over spenders.

This comes in the wake of young  people being accused of spending too much and not saving for the ‘future’, a comment that Javid criticised, stating that people over the age of 50; ‘aren’t facing to the reality of modern day life and they have no understanding of the modern market.’

Javid also stated that; ‘baby boomers are living in a different world when they suggest Britain doesn’t need to build more homes’.  

Javid’s anger is certainly understandable, with the average deposit for a house in London now standing at a whopping £90,000, that’s a lot of over spending, meal deals and avocados isn’t it?

So, property, that’s a big one, what else is there to put young people back?

Well, according to the Sun online, young Brits are the worst off in Europe, with the UK facing it’s biggest wage cut, the average hourly earnings for under 30’s have fallen by 13 per cent in the past seven years, meaning that the cost of living has increased whilst wages have plummeted.

Our house price to wage ratio is ranked the third worst in the world and young people are now spending three times the amount on a house that the post war generation did.

House prices rose by a staggering 259 per cent between 1997 and 2016, whilst wages only crept up by 68 per cent.

Young adults now have to wait longer than ever to own a home, with the average home owners now in their thirties and the average age to become a mother 28.

Even when young people do become parents, the staggering price of child care would be enough to terrify anyone. The hourly cost of child care has increased by 50 per cent since 2008!

Child care, getting on the property ladder, high rent prices, outstanding student debt and incredibly low wages, it appears that marriage rates are falling simply because of other financial pressures.

The average 2017 wedding cost came in at a whopping £27,161!

Venue hire is the most price consuming aspect, it comes in at a cost of around £4000, then there is of course the added extras of food, drink and the possible hire of a place of worship.

Wedding dress shopping is of course an expense, with many dresses being in the thousands. Then there is of course the engagement ring, coming in at an average of £1500, and the food, coming in at £3000, oh, and the honey moon, that’s another £3000.

The cost of weddings is now so high that parents are of course not expected to fork out the big sums for their children, 52 per cent of all couples pay for the big day themselves.

The average age of marriage now stands at late thirties, meaning that many people are putting off the big day possibly due to the financial stress of it all.

Now, don’t get me wrong, marriage is a beautiful thing, so is owning your own home and feeling comfortable financially.

Yet, for many students set to graduate and of course for many people in their 20’s currently experiencing the squeeze of modern living, it all seems a little unfair, doesn’t it?

Elizabeth Whittingham Elizabeth is a history graduate currently working in content and communications.