It’s Valentine’s Day next week, and you’re sitting in a nice restaurant staring into the eyes of that special someone, trying not to say anything daft or spill your dinner down your front.
Money probably isn’t the first thing on your mind.
Even so, here’s some food for thought.
Let’s say the person on the other side of the table turns out to like you as much as you like them.
You decide to move in together. The average cost of a first home in 2025 is expected to be about £290,000.
You get married. The cost of an “average” wedding now, including the engagement ring and honeymoon, is put at between £20,000 and £30,000.
A bit further down the line, you have kids. Raising a child to the age of 18 is estimated to be £260,000. Choose to send them to a private school? Add another £250,000, give or take. University? Another £70,000 perhaps. And that’s all per child.
Finally, your kids fly the coop and you look forward to retirement, and some well-earned quality time with that special person you’re eating dinner with next Thursday.
For a retirement income of £30,000 per year, you’ll generally need about 20 times that amount saved in pensions, savings, and investments. For example, if you plan to retire at 65, you’ll need to have saved about £600,000.
Money issues are consistently among the most common causes of divorce. Money can’t buy you love. But it helps.
Happy Valentine’s.
Martin Brown
Managing Partner
Gary Parkinson
Media Relations
T: 0345 643 0770 M: 07756 668500
