From getting married to buying your first house or having a child, life is marked by several significant milestones. Although these events can involve considerable costs, the way they're funded varies from person to person, with some utilising savings and others choosing to spread the cost through borrowing. So, just how much do some of life’s biggest milestones cost?
We’ve conducted new research exploring the average costs associated with some of life’s biggest moments, revealing the financial commitments people can face at different stages of life. Buying a first home comes out as the most expensive milestone included in our analysis, costing an average of £39,489.
We paired this research with a survey of 3,000 consumers to explore the life events that have had the greatest impact on people’s finances, how they chose to fund them, and whether financial considerations have influenced the timing of these milestones.
To provide further insight into managing the costs associated with major life events, Charlie Evans, our personal finance expert, shares considerations around building a financial buffer and preparing for future expenses.
The Average Cost of Life’s Biggest Milestones
Rank | Milestone | Average (£) |
1 | Buying first home | £39,489 |
2 | Wedding | £25,430 |
3 | Having a baby | £23,263 |
4 | Moving Home | £17,123 |
Buying a first home represents the largest financial commitment included in our analysis, costing an estimated £39,489. This reflects the upfront costs involved in purchasing a property, including deposits and associated fees.
A wedding ranks second costing an average £25,430. Venue hire and catering account for more than half of the total cost, although the final amount can vary depending on factors such as guest numbers and location.
Having a baby is the third largest milestone with an average cost of £23,263. Our analysis found that the cost of having a baby is largely driven by statutory prenatal earnings loss alongside essential first-year purchases, such as cribs, sterilisers, maternity clothing and clothes for the baby, but individual circumstances and employer benefits may affect the total cost.
Moving house ranks fourth. This reflects the total out-of-pocket cash required to move from an average first home to a larger property, encompassing £17,123 in transaction fees and Stamp Duty. Actual costs will vary depending on individual equity, property prices, legal fees, and regional price differences.
The Life Milestones People Say Have the Biggest Financial Impact
Although our analysis found the milestone of buying a first home to be most expensive on average, our survey shows people most commonly associate moving home with having the greatest financial impact.
When considering the life milestones that have had, or could have, the biggest impact on their finances, respondents selected moving house (18%) followed by buying a first home followed at 13% , meaning almost one in three (31%) identified a property-related milestone as having the greatest financial impact.
The findings also highlight regional differences in how consumers view the financial impact of property milestones. Glasgow ranked highest among the cities surveyed, with 21% of residents selecting moving house as their biggest financial milestone. This is followed by residents in Southampton (21%) and Liverpool (21%).
In comparison, Plymouth had the lowest proportion of residents selecting moving house as the milestone expected to have the biggest financial impact (11%). These differences could be influenced by a range of factors, including regional housing costs, cost of living variations, mortgage availability and local property taxes.
Life milestones people say have had, or could have, the biggest impact on their finances:
Rank | Method of payment | % of consumers that funded their life milestone this way |
1 | Savings | 35% |
2 | A mixture of payment methods | 12% |
3 | Credit cards | 10% |
4 | Family support | 9% |
5 | Loans | 6% |
6 | Buy now, Pay later | 5% |
The way people fund life milestones can vary depending on their individual circumstances, including their financial priorities, available resources and existing commitments.
The survey findings also highlighted differences between generations. Younger adults aged 18 to 34 were the most likely to use financial support from family when funding major milestones, with 14% selecting this option, compared with 4% of those aged 55 and over.
This difference may reflect the range of milestones younger adults may be considering during this stage of life, alongside differences in financial circumstances and access to existing savings.
Loans were selected as the primary source of funding by a smaller proportion of respondents overall, with Millennials (9%) the most likely generation to use this option, followed closely by Gen Z (8%).
Differences between age groups could reflect the range of financial commitments people are managing at different stages of life, as well as the variety of ways consumers choose to fund major milestones.
Regionally, residents in Edinburgh and Glasgow were the most likely to select loans as their main source of funding for life milestones, with 9% of residents in each city choosing this option. This was followed by Birmingham and Leeds where 8% of respondents selected loans.
How Do People Fund Major Life Milestones?
Reaching major life milestones can involve a range of costs, and people use different approaches to manage these expenses. Our research found that some people use a combination of financial options, with 12% of respondents saying they have used multiple methods to fund various milestones, including savings, credit options and support from family.
Personal savings were the most commonly selected way of funding major milestones, with over one in three (35%) stating that their current savings were their primary source of payment.
The most common ways people fund life milestones:
Rank | Method of payment | % of consumers that funded their life milestone this way |
1 | Savings | 35% |
2 | A mixture of payment methods | 12% |
3 | Credit cards | 10% |
4 | Family support | 9% |
5 | Loans | 6% |
6 | Buy now, Pay later | 5% |
The way people fund life milestones can vary depending on their individual circumstances, including their financial priorities, available resources and existing commitments.
The survey findings also highlighted differences between generations. Younger adults aged 18 to 34 were the most likely to use financial support from family when funding major milestones, with 27% selecting this option, compared with 4% of those aged 55 and over.
This difference may reflect the range of milestones younger adults may be considering during this stage of life, alongside differences in financial circumstances and access to existing savings.
Loans were selected as the primary source of funding by a smaller proportion of respondents overall, with Millennials (9%) the most likely generation to use this option, followed closely by Gen Z (8%).
Differences between age groups could reflect the range of financial commitments people are managing at different stages of life, as well as the variety of ways consumers choose to fund major milestones.
Regionally, residents in Edinburgh and Glasgow were the most likely to select loans as their main source of funding for life milestones, with 9% of residents in each city choosing this option. This was followed by Birmingham and Leeds where 8% of respondents selected loans.
Have Financial Considerations Delayed Life Milestones?
Our survey found that over half (56%) of people have delayed a major life milestone because they did not feel financially ready. This includes events such as having children, getting married and retiring.
Despite 56% of respondents saying they have delayed a milestone because they did not feel financially ready, 44% said they’ve never postponed a milestone for this reason.
These findings reflect the different ways consumers approach major life moments. As explored earlier, respondents reported using a range of funding methods with personal savings the most commonly selected option (35%), while others said they had used a combination of payment methods.
The survey highlights that there is no single approach to preparing for or funding life’s major milestones.
Planning Ahead for Major Life Milestones
Major life events often involve significant financial commitments, and the level of planning required will vary depending on individual circumstances. To help these moments become less of a financial stress, Charlie Evans shares some considerations to help you stay in control of your budget and reach your milestone goals without stretching your finances.
Research potential costs – If you’re planning a major life milestone, it can be helpful to understand the costs involved. Research the likely expenses, including both upfront and ongoing costs where relevant, to help build a realistic picture of what you may need to budget for. Speaking to friends or family members who may have recently experienced a similar milestone may also help you identify costs you hadn’t previously considered.
Set a realistic budget – Once you have an idea of the potential costs, consider how they fit alongside your regular income and outgoings. Setting a budget based on what is realistic for your circumstances may help you plan more effectively over time.
Plan for unexpected costs - Even with careful planning, unexpected expenses can arise. Including some flexibility within your budget may help you prepare for costs that weren’t originally anticipated.
Review your finances before making a major commitment – Before making a significant commitment, it may be useful to review your overall financial position. Depending on the milestone, this could include considering your existing commitments, available savings and any borrowing you already have.
Consider the funding options available to you – There are a range of ways people choose to fund major life milestones, depending on their circumstances and financial priorities. The options available will vary from person to person and may include:
Savings accounts - Depending on your circumstances, saving in advance through a savings account or ISA may be one option to consider.
Borrowing – Some people choose to use borrowing to help fund major expenses. Before taking out any form of credit, it’s important to understand the costs involved, the repayment terms and whether it’s affordable for your circumstances.
Government schemes and support – Depending on the milestone, you may be eligible for government schemes or incentives. For example, eligible first-time buyers can benefit from a Lifetime ISA.
Methodology and Sources
Nationally representative survey of 3,000 UK adults conducted by Censuswide on behalf of Compare the Market between 03.07.2026 - 09.07.2026
This study analyses the average price of the five most common life’s milestones.
Buying first home/ moving house - This data point calculates the average total upfront costs required to purchase a home in 2026.
The total upfront cost was calculated by establishing the baseline deposit requirement and adding the mandatory additional fees associated with completing a property transaction.
Deposit: Scope of deposits covers England, Wales, and Scotland. The baseline deposit was calculated by taking the average property prices in 2026 and subtracting the average actual mortgage advances granted to buyers in the same period.
Additional Costs: To reflect the true out-of-pocket expenses for buyers, the following average supplementary costs were aggregated and added to the deposit.
First Time Buyers: Because the average price is £193,000 so there is no Stamp Duty cost.
For Home Movers: It is assumed that home movers are selling their previous property. Therefore, their calculated deposit is assumed to be funded by the equity released from their sale, rather than requiring new cash savings. For these buyers, the primary out-of-pocket cash consists of the supplementary fees, including Stamp Duty. Because the average price is £280,000 Stamp Duty is 5%.
Wedding - This data point calculates the total average cost of a standard UK wedding celebration based on a 70-daytime guest / 70-evening guest benchmark.
The total cost was calculated by citing the most potential costs and average price of 5 of the most common wedding costs and multiplying them for a total cost.
Wedding costs calculated include
Legal & Ceremonial (£634.00)
Venue & Catering (£13,926.40)
Attire, Beauty & Accessories (£4,653.00)
Suppliers & Media (£5,246.00)
Stationery & Logistics (£971.00)
Note: Engagement rings, honeymoons, stag/hen parties, guest accommodation, and discretionary venue styling add-ons have been excluded.
Having a baby – This data point calculates the comprehensive financial impact of a child's first year by combining direct out-of-pocket physical setup expenses with net parental household earnings lost during statutory leave. Having a baby calculations include
Physical Out-of-Pocket Items (£2,759.41)
Maternity Loss (£19,358.64)
Paternity Loss (£1,145.36)
Note: These calculations do not include childcare/nursery fees, discretionary employer maternity top-ups (contractual enhanced pay), tax/NI deductions, and secondary nursery furniture.
Sources
Gov.UK - House prices (2026)
Gov.UK - Stamp Duty
Gov.UK - Statutory Maternity & Paternity Pay Rates
Gov.UK - Registrar Attendance & Statutory Notice Fees
Ukfinance.org.uk - Mortgage data (2026)
Home owners alliance - Conveyancing (2026)
NatWest - Valuation fee
Home owners alliance - Survey cost (2026)
The Abi – Insurance costs (2025)
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As well as writing for Churchill and Privilege insurance websites, Karen’s CV includes working with M&S, Debenhams, Tesco, Sainsbury’s and John Lewis. With over 20 years of editorial experience for big household names she leads a talented content team with a focus on simplifying personal finance for everybody.
Ele Clark is an award-winning editor who has held leadership roles at Which? and news-stand publications in London and Dubai. She’s appeared across the press and media, including BBC’s Panorama. With almost 20 years’ experience in personal finance, insurance and consumer journalism, she leads a talented team at Compare the Market, creating insightful, accessible content to help people make informed financial decisions.
Charlie is a senior commercial leader with close to a decade of experience across the UK’s leading personal-finance and comparison platforms. Before joining Compare the Market as Head of Commercial in 2024, he held senior commercial roles at TotallyMoney and MoneySuperMarket Group.
Our content is written by a Compare the Market expert, backed by data and enhanced by technology. Find out how we ensure accuracy and quality in our Editorial Guidelines.
What our expert says...
"It's understandable why many people associate milestones with having a significant financial impact. These are life events that often require people to think differently about their finances, whether that's committing to long-term costs or making decisions that can influence their finances for years to come. One of the most valuable things people can do is to build a clear picture of the costs involved as early as possible, including the smaller expenses that can be easy to overlook. Having a better understanding of the overall financial commitment can help people feel more prepared and give them greater confidence when making decisions around major life milestones."