Monday, November 23, 2009
Category:
Property
According to a report compiled for NS&I, Brits believe that an income of at least £25,000 per annum should be earned prior to starting a family.
Furthermore, it was found that 20 percent would ‘seriously consider’ refraining from having children due to the high costs involved.
The report showed that 64 percent are of the opinion that individuals should be ‘financially secure’ before having children and 78 percent feel that standards of living are an ‘influencing factor’ when it comes to planning how many children to have. The report also revealed that 26 percent of Brits do not think that money should be a consideration when it comes to deciding whether or not to start a family.
NS&I Savings Spokesman, Tim Mack, commented: "Starting a family is always going to be much more than a purely economic decision, though for some, the financial requirement is clearly an income of £25,000 per year. Britons are also considering their financial future when deciding on the number of children they will have."
Further findings include the fact that 12 percent of respondents believe that would-be parents should be earning a salary between £40,000 and £70,000 prior to starting a family. In contrast, 13 percent feel that prospective parents ‘didn’t need anything’ because they ‘would always be able to ‘get by’. Men are reported to have suggested a larger annual sum than women, at £27,000 and £23,000 respectively. However, individuals without children suggested that you should be earning £30,000 prior to starting a family.
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Homeowners who would like to increase their property size in order to accommodate a growing family, and who are looking for the finances to do so, could consider a secured loan for
home improvements. One of many finance options available, a secured loan for home improvements could be used to extend a property or to add a conservatory. Alternatively, unused attic space could be converted into a useful room. As well as converting upwards and outwards, some homeowners may consider converting downwards with a cellar conversion.
