With many graduates viewing the Capital as the Land of Opportunity, new research from engage Mutual Assurance reveals that moving to London could mean putting off growing up.

Young people in London are curtailing aspirations to take account of rinsing costs of living in the Capital, anticipating waiting longer than anyone else in the country before they can afford to move out of the family home, get married or buy their first property.

Interested in how finances influence life style decisions, engage Mutual Assurance asked a GB representative sample of 2,000 adults when they expected to be able to afford key life stage milestones. As part of engage's 3GB campaign, this report focuses on the life stage decisions facing the younger generation.

Key Findings

Living at home for longer: With rising costs of living making it increasingly difficult for young adults to fly the nest, 28 percent of under 25 year olds do not expect to be able to afford to leave home until they are older than 25. In London this figure soars to over a third (35%) as city dwellers take financial refuge in their parents' home.

Purse strings controlling the heart strings: Twenty years ago, the average age of marriage was 24; today Britons don't expect to be able to afford to marry until they're 27, with Londoners waiting until they are 29.

People in London are 50 percent more likely than the average Briton to anticipate waiting until they are over 30 to afford to wed, over a third (39%) expecting to put off marriage until their third decade, compared to a quarter (25%) nationally.

Struggling to get a foot on the property ladder: With just 11 percent of under 25 year olds currently owning a property, 25 percent do not expect to be able to afford to buy their first home until they are older than 30, compared to 29 percent in London.

Worryingly, eight percent of under 25 year olds have given up hope completely, saying that they expect never be able to afford to buy their own home.

Average age people under 25 expect to be able to afford life-stage events

“These results reveal how increasing financial pressures in modern Britain are leading people to re-evaluate their aspirations. Money is often a key determinant in deciding when the time is right for young adults to move out of home, get married or buy their first property.”

“With the younger generation finding it increasingly difficult to gain financial independence, our research has shown that supporting young grownups is placing an increasing strain on older family members. As a modern mutual, engage provide simple financial solutions for the whole family, in order to reduce the financial burdens experienced as a result of family support. Tax efficient savings, including ISAs and CTFs, which mature when a policy holder reaches adulthood, for example, are a cost-effective way to help ensure that children have support starting out in life.”

¹ According to The Office of National Statistics (www.statistics.gov.uk), the average age of a first marriage in 1986 was 25.12 for men, and 23.11 for women.

1. If using this article on a website, please link to www.engagemutual.com using the following hyperlink text : engage Mutual Assurance - meeting the changing needs of today's modern families

2. engage Mutual Assurance is a trading style of Homeowners Friendly Society (HFSL) and it's wholly-owned subsidiary engage Mutual Funds Limited (EMFL).

3. engage Mutual Funds Limited (EMFL) is a provider of the Child Trust Fund direct and in partnership with partners including Legal and General, ASDA and Debenhams stores and NAAFI Financial.

4. The organisation is title sponsor of the engage Super League - which sees 12 teams from across the UK and France battling for a place in the engage Super League Grand Final at Old Trafford stadium in Manchester. The teams are Leeds Rhinos, Wigan Warriors, Bradford Bulls, Castleford Tigers, St Helens, Huddersfield Giants, Hull FC, Salford City Reds, Wakefield Trinity Wildcats, Warrington Wolves, London based Harlequins RL and French team Catalans Dragons.

5. engage is proud to partner a charity which shares our consideration for balancing risk and reward - Smart Risk Foundation UK. It helps youngsters across the UK to identify the risks in their everyday lives in the smartest way, so that they can enjoy life to the fullest. Smart Risk Foundation's registered charity number is 1096081, www.smartrisk.org.uk.

6. engage Mutual Assurance is headline sponsor of the engage International Open 2006 and the engage Ladies World Matchplay 2007, both part of the World Bowls Tour.

7. engage supports mutuality, friendly societies and the regional financial services industry through links with the Association of Mutual Insurers, the Association of Friendly Societies, Mutuo and Leeds Financial Services Initiative.

8. Established in 1980, Homeowners Friendly Society Limited (HFSL) is Registered and Incorporated under the Friendly Societies Act 1992, Reg.No.964F, it's wholly owned subsidiary engage Mutual Funds Limited (eMFL) is Registered in England No 3224780. Both are authorised and regulated by the Financial Services Authority (FSA). 9. Homeowners Friendly Society Limited's FSA Register number is 110072 and engage Mutual Funds Limited's FSA Register number is 181487. You can check this on the FSA's Register by visiting the FSA's website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234