Being 31 is the most expensive year of your life, survey reveals

Weddings, honeymoons, and babies are all expensive

(Getty Images/iStockphoto)

If you’ve ever felt life couldn’t get more expensive, we have some bad news for the millennial generation.

According to a recent survey conducted by credit check company ClearScore, there is one year in your life you’ll likely spend the most money - when you are aged 31.

No longer really considered a young adult, 31 is typically considered a solidly adult age - which makes sense when you consider just how much money you’ll have to spend.

By surveying 3,000 customers, ClearScore was able to work out that the average 31-year-old will spend around £43,000 ($60,000) that year alone.

As the average yearly salary in the UK is about £27,195 according to the annual survey of hours and earnings, you better start saving now.

But 31-year-olds don’t just blow their savings for the fun of it - it turns out the year is filled with expensive special occasions that require a significant shelling out of cash.

The biggest expense at this age? Getting married.

According to ClearScore, 27 per cent of those surveyed said that getting married was by far the most expensive event of your 31st year of life.

Unfortunately, buying a house wasn’t far behind - with 25 per cent considering this to be the biggest expense.

Start saving now for age 31

Babies are also pretty expensive endeavours, a fact 20 per cent of those surveyed agreed with.

And because you’ll want to treat yourself and your loved one to a vacation after all the money pressure, 14 per cent said going on a honeymoon was the biggest expense of the year.

The good news is you’ll likely have your parents to lessen the burden, as 33 per cent of 25 to 34-year-olds revealed they still receive financial help from their parents.

Or you could always rely on your credit card as 20 per cent of under 34-year-olds do.

While you may be surprised by the outrageous costs of living, Justin Basini, the chief executive of ClearScore isn’t.

He told Business Insider: “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.”