This is the most expensive year of your life, study reveals

If you needed any more ammunition to add more money to your savings account, this is it.

According to a new survey by credit check site ClearScore, you can expect the most expensive year of your life to be when you turn 31.

This is due to a number of life events that happen during this time – notably weddings and buying a house.

Of the 3,000 people surveyed, 27 per cent said getting married was the biggest expense, followed by buying a house, having a baby and going on honeymoon.

To be able to afford all of these things, ClearScore calculated that young people would spend around £43,000 in just that year alone. Ouch.

It’s no secret that weddings cost a lot of money. In fact, the average price of a British wedding is £25,090 – nearly as much as the average UK salary of £27,000.

But this added to buying a house, having a baby and finding any spare change to go on honeymoon can be a big ask financially – especially in our current economic climate.

So if you’re yet to reach 31, this may be a great time to put a savings plan in place…