Americans are holding off on traditional milestones – such as marriage, having children, and retirement – in favor of better financial security.
That’s the word from Life Happens, which announced the results of a survey showing the reasons Americans are delaying these big life events.
The survey found that 61% of Americans agree that traditional life milestones are no longer important, with 74% of those who’ve delayed traditional milestones reporting that they are more financially stable as a result. Additionally, the survey found that:
* 72% say financial security is an important act of love - with men more likely to agree that financial security is a genuine act of love compared with women – 80% vs. 64%.
* 48% of people say personal insecurities - from financial to where they are in their careers - have put the brakes on reaching certain milestones.
* A further 47% say that they are saddled with the responsibility of paying off student loans, and a quarter (25%) are putting their careers first.
The study, “The New American Milestones,” also showed the top delayed life milestones include saving for retirement (54%), getting married (53%) and having children (50%). Those who are taking their time at reaching these milestones say the payoff was worth it. Of those who’ve delayed a traditional life milestone, 74% have reported being more financially stable as a result.
But just because people are delaying life’s milestone in the interest of financial security doesn’t mean they don’t have some concerns about doing so. More than three-quarters (77%) of those surveyed said they are concerned about putting off certain life milestones. The five top delayed milestone worries ranked in order are:
1. Retirement (43%)
2. Buying a home (35%)
3. Having children (32%)
4. Getting married (32%)
5. Long-term financial planning (28%)
“While traditional milestones are no longer making or breaking what’s important in life, financial security for you and your loved ones is a necessity,” said Faisa Stafford, President and CEO, Life Happens. “Our study shows that 54% of people have had to deal with unexpected life events, which have impacted their long-term financial planning, bringing to the surface the reality that our life’s path can change in a second.”