A survey conducted by insurer Royal London has revealed that rises in the cost of living are influencing family planning decisions among the UK’s young adults. According to the survey, 22% of individuals aged 18 to 34 have altered their family planning due to economic strains, while 8% from the same age group have postponed having children because of financial constraints.

The survey indicates that economic conditions have worsened, resulting in an average increase of £1,000 per month in expenses for families with young children. Moreover, 18% of parents reported having no reserve funds for unexpected bills or emergencies.

The research follows official figures showing that UK inflation fell to its lowest level in nearly three years in April, with the Consumer Prices Index (CPI) inflation slowing to 2.3%, down from 3.2% in March. Despite this, sharp rises in food, energy, and housing costs have made the cost of living a focal issue in the upcoming General Election.

Sarah Pennells, a consumer finance specialist at Royal London, stated that as living costs continue to rise, people are increasingly making adjustments to their longer-term life plans, including major decisions such as starting a family. Further research by the Resolution Foundation underscores that the cost-of-living crisis has significantly altered household spending patterns, with consumption cut back more sharply than income reductions.