Homeownership at the age of 25
Posted: 20 Apr 2006 09:42:23 GMT
The building blocks of financial security should be firmly in place by the age of 26 if an individual wishes to avoid a lifetime playing catch-up.
This is the assessment of financial experts interviewed by Prudential, in a study that highlighted the huge void between financial ideals and reality.
According to the research, starting a pension should happen at the age of 22 and buying a house should be a consideration for those aged 25.
At the age of 26, serious saving should begin to ensure the conditions are right for an "idyllic financial situation".
The reality, of course, is hugely different, not least because rising house prices have made the purchase of a home at the age of 25 an unfeasible prospect for most people.
On the other hand, the desire for homeownership in the UK has not lessened and the vast majority of people at the age of 25 would like to buy a house if the money was available.
While looking at the lower end of the price range is useful in getting a foot on the property ladder, individuals and young couples also have the option of searching for a property online, with private buying and selling offering substantial savings to both parties.