The milestone British people are most likely to delay due to cost of living

New research has shed a light on the impact rising inflation has had on people's lives, with the average Briton putting off one by nearly four years amid money worries

A new poll has found that the high cost of living is leading British people to delay major milestones in life.

It found retirement is the most delayed due to this, with the average Briton putting it off by 3.9 years. Retirement also ranks as the most expensive of life’s milestones, revealing the average person plans to spend around £84,847 to retire.

Brighton and Liverpool residents contribute the most to their retirement plans, at £131,946 and £122,270 respectively, while Plymouth ranks as the most affordable retirement destination with an average cost of just £40,680 to retire

Retirement was followed by buying your first home and starting a family as the second and third most delayed life milestones.

The second most expensive milestone was attending university, £29,189., followed by renovating a home, which costs £27,780 on average.

Gen Z, those aged 18 to 26, admit to feeling the most pressure to reach certain milestones with 55% feeling worried compared to just 11% of Baby boomers, aged between 60 and 78. Overall, a third of British adults feel the pressure to hit key moments in life according to the poll.

Here, the loans team at Compare the Market, who did the research, have provided a handy guide on how to reach your goals without unnecessary stress or debt.

1. Start planning early. The sooner you start saving and planning, the better. Even for seemingly distant milestones like retirement, starting small and taking advantage of compound interest can make a big difference.

2. Set realistic goals. Be honest with yourself about what you can afford. Research the average costs associated with your desired milestones and adjust your savings goals accordingly.

3. Understand borrowing options. There are situations where responsible borrowing can help bridge the gap and accelerate your progress towards a milestone. A personal loan is one option, but it’s important to only take out the amount you need and be certain you can pay it back quickly to avoid high interest rates.