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With an estimated 800,000 people turning 30 during 2017, research from American Express reveals that Brits in their 30s are putting down financial roots and prioritising their budgets to achieve life ambitions such as renovating a home, having children and tying the knot.
According to the study, over a quarter (28 per cent) of thirtysomethings choose to spruce up their property during this decade, spending an average of £33,359 hitting this milestone. A third (33 per cent) choose to get married and spend on average £18,356 in the process.
By comparison, those in their 20s spend on average £15,744 renovating their home and £11,780 tying the knot, indicating a major financial leap between the decades.
The other most costly pursuits for thirtysomethings include starting a family (£17,198), buying a car (£13,556) and starting a business (£12,778).
Despite being coined the ‘Peter Pan Generation’, the research found the majority of thirtysomething Brits (75 per cent) do not intend to delay significant spending moments to their 40s and will make financial sacrifices to ensure they achieve them.
This sentiment is also echoed in how Brits feel about their spending behaviour in their 30s, compared to their 20s. More than half (61 per cent) admit they take their money more seriously once they hit the big 3-0 and 50 per cent say that is was a priority to put their hard-earned money toward key life milestones.
Jenny Cheung, director at American Express says, 'Thirty year olds may have many major purchases to consider in this decade, so taking a shrewd approach to your finances can allow you to make the most of these peak spending moments.
By using a credit card that earns cashback or rewards, you can earn something back on purchases such as new furniture for a home or paying for elements of your wedding.'