Couples prioritising between property and children

Couples are increasingly putting the task of seeking the best mortgage rates and buying their first home on hold in favour of starting a family.

New research by Churchill revealed that many couples in the UK are having to making a decision between getting married, buying a home or having children as many cannot afford to do all three.

Nearly one in three co-habiting couples have decided to delay or cancel weddings due to the current financial climate, while one in four are having to priorities about whether buying a house or having children is more important to them.

Some 43 per cent prioritised having children over buying a house, while just a third put getting on the property ladder first and only a quarter decide to get married first.

Indeed the marriage statistics back this up, with current levels at an all time low of around 266,950 marriages a year, compared with 313,551 five years ago.

In addition, over one in five of those aged 18-34 have chosen to delay having children in order to wait for a more financially-secure environment to raise a child.

"Financial uncertainty has meant a lot of people have had to make difficult decisions about their priorities in their home lives. It appears that having a big wedding is a now seen as a 'nice to have', but starting their own family is what's really important for many couples," said Matt Owen, spokesperson for Churchill Home Insurance.

Meanwhile, Kate Moore, head of savings and investments at Family Investments, has said that it is important for new families to bring up their children with an understanding about how important savings and budgeting are.

She said that starting saving early in a child's life will not only give them a good head start, it will also help them appreciate the value of money.

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2011-11-08 15:39:17 © Moneyextra.com