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Average cost to achieve life goals totals £566k

Buying a house, having children, retiring – all are major life milestones to which many aspire. However, research by Royal London shows that for the average person, the cost of achieving these milestones is a whopping £566,659. 

Getting on the property ladder is the most expensive of these life goals. With a 10% deposit, and a 3% fixed-interest rate mortgage, it would cost first-time buyers an average of £250,148. 

The cost of raising two children is estimated to add around £150,000, and a comfortable pension pot of £300,000 would require a personal contribution of £113,400. 

And, as for when those children get older, sending them to university could result in an average student loan repayment of £23,000 and getting married has an average cost of £30,111. 

According to calculations by Royal London, it would take 25 years for someone on the median graduate net salary of £22,421 to pay this in full if they spent every penny on their life goals and went without the basics, like food. 

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