This is the age when life is the most expensive

Better start saving now

Words by Anna Clarke

Hitting your 30s is always a bit of a sore point for most people. Saying farewell to your youthful days and hello to, as it turns out, a whole lot of spending. Urgh.

It's been revealed that 31 is the most expensive year of your life if you are a millennial, according to a new survey conducted by credit check company ClearScore. But why?! Well, it’s mainly because of a little thing called life’s major milestones. You know, getting married, buying a house and having a baby. And these big life events usually occur around the age of 31.

So it turns out that 31-year-olds will need to save as much as a whopping £43,000 ($60,000) to meet the costs of all these milestones. Being single and living with mum and dad doesn’t seem quite so bad right now, does it? 3000 people were questioned and the biggest expense of the lot was tying the knot which got 27% of the vote. It's unsurprising when you consider there’s all the cake, flowers, cufflinks to purchase.

'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 told Business Insider.

Life can be tough and expensive for us millennials, so it won’t be completely surprising then 33 % of 25 to 34-year-olds are still reliant on their parents. But not everyone has to scrimp off the bank of mum and dad because 60 % of those surveyed had already saved up enough cash. Lucky things.