Brits need an extra £7,000 a year to live well, study shows

Wednesday, 18 April 2012 09:21

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People in the UK feel they need an extra £7,236 a year to live happily and comfortably, new research suggests.

According to the Times of our Lives report by Aviva, the average consumer believes that an additional £411 each month after tax would allow them to achieve their life goals.

People aged 25 to 34 say they would need more than £12,000 extra a year, or £627 a month, to be happy, while 35 to 44 year olds would require an additional £10,762 a year, or £596 a month.

The “squeezed middle ages” – between 35 and 54 – tend to be raising a family and have more financial commitments, the insurer said.

On top of that, Brits believe they should ideally get their first job at 18, buy their first car at 20, leave home at 21, buy a house at 25, marry at 27, have their first child at 29 and be at the peak of their career at 39, the report reveals.

At the other end of the scale, over 65s would be quite satisfied with an extra £380 a year, or just £23 a month after tax.

But while the study shows that 35 to 54 year olds are the least optimistic about their future, Brits voted for 35 as the age they would most like to be.

Simon Warsop, business development director at Aviva, said: “While 35 is the age most Brits say they want to be, increasingly the ‘squeezed middle ages’ are feeling the pinch.”

He added: “It’s pleasing to see today’s twenty-somethings are still striving and ambitious, while the baby boomers and those over 65 say they are most satisfied and content with their lot.”

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