17 December 2019

Career, home ownership dreams and the cost of children change family plans

2 min read

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Becky O'Connor

Personal Finance Specialist

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In response to the latest Office for National Statistics “Milestones: journeying into adulthood” report, published today, which finds women are having children older, closer together and having fewer children than earlier generations, partly because of “wanting to start a career, set up home with a partner and become more financially stable before having children”:

Becky O’Connor, personal finance specialist at Royal London, said: “People still want to buy a house before they have kids, but because getting on the ladder is harder than for previous generations, this wish is pushing back the age that people are having children.

Home ownership can seem so unachievable that many couples give up on getting on the ladder before having children and start their families in rented accommodation. As Royal London research found earlier this year, half of babies are now born in rented accommodation.”

Establishing a career before having children also seems more important now, as more women need to return to work after starting their families to meet living costs, which often require two incomes.”

The need for financial stability before having children also means that couples can’t realistically afford children until later, in the face of high childcare costs and often the absence of regular support from family and friends.”

Notes to Editors

-         Royal London published the Family Financial Planning Guide earlier this year.

About Royal London

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £130 billion, 8.8 million policies in force and 4,046 employees. Figures quoted are as at June 2019.

At Royal London, we’re proud to champion the value of impartial advice. We believe it plays a crucial role in connecting people with the products that are right for them – and is key to delivering better outcomes and experiences for our customers. At the same time, it helps to build trust in our products and services.

Royal London works alongside advisers not in competition with them. That’s why we’ve made some key commitments to the intermediary market. You’ll find more detail on our commitment to advisers at http://adviser.royallondon.com/campaigns/our-commitments/

For further information please contact:

Becky O’Connor, Personal Finance Specialist