There’s a general consensus that the older we get, the more we earn. But it turns out that growing up comes at a cost (soz in advance, wallet).
According to a survey by British credit checking firm ClearScore, we spend the most money the year we turn 31.
This is because it’s (usually) around the time most of us are hitting life’s biggest milestones. The top five things that we fork out for? Saving for a wedding (27 per cent), paying for a honeymoon (14 per cent), buying a house (25 per cent), and having a baby (14 per cent.)
The average cost of covering these events is $76,539. Just a couple of grand shy of the median Aussie income.
It was also found that millennials (25-34-year-olds) have a tougher time financially, with one in five having to rely on credit cards to fund these big purchases.
“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 the most expensive year,” said Justin Basini, chief executive of ClearScore.
“It’s not surprising that, given the squeeze on day-to-day living, hat more people are now turning to credit or parents to fund some of these milestones.”
We’ll take this as a cue to start beefing up the savings account!