More and more people are saying they are delaying key life milestones, due to not being able to afford them amidst the cost-of-living crisis.

This includes things such as buying a home, getting married, having a child, or retiring.

Nearly two-thirds (64%) of people who took part in a survey for Legal & General said the current state of their finances is making them concerned about the future.

More than half (56%) of people surveyed feel they have already done everything they can to save money and three in 10 (30%) said they no longer have a savings buffer to cover unexpected costs.

The survey of more than 4,000 people across the UK in late May, carried out by Opinium, indicated that many people believe the cost-of-living crisis will have a long-term impact on their life goals.

The Northern Echo: A certain percentage of those surveyed thought they would have to delay buying a house by a year (PA)A certain percentage of those surveyed thought they would have to delay buying a house by a year (PA)

Nearly half (48%) of people who said they are planning to purchase a home now estimate they will need to delay this goal, with nearly a fifth (18%) of this group expecting it will need to be delayed by five years or more.

An additional 12% of would-be homeowners do not ever think they will own a home due to greater financial pressures.

Around half of people who plan to get married (47%) and those hoping to have a child (50%) also believe they will need to press pause on their plans.

Nearly two-fifths (39%) of people who were planning to set a lump sum aside for their children now think they will have to delay this and some said they do not see themselves ever being able to help out their children.

A similar proportion (38%) of people who are in the decade before they are due to retire think they will need to delay their retirement by at least one year.

One in eight (12%) people believe they are never likely to retire.

Emma Byron, managing director, Legal & General Retirement Solutions, said: “Rising living costs have been so significant that most UK households will have noticed a squeeze on their monthly budgets.

“Not only does this have a direct impact on people’s lifestyles, even though they are making every effort to cut back, but it has a knock-on effect on their lifelong goals such as owning a home or retiring comfortably.”

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