34: Most Expensive Age

The average 34-year-old spends a staggering £32,441 on the year's outgoings, more than at any other time in their life, according to a new survey.

Research by AXA Wealth Management, comparing the spending habits of 25 to 64-year-olds, found that Britons in their early 30s fork out the most money.

Buying property and doing home improvements are the biggest sources of expense at that age, followed by cars, wedding and new babies adding to financial pressures.

Younger respondents, aged 25 to 34, cited cars, holidays and honeymoons as making 26 their most expensive age.

AXA spokesman Colin Nelson said: "While 34 was on average the most expensive year in life for all Britons, this study demonstrates that people of all ages face peaks in outgoings which see them having to cope with major expense at different times in their lives."

Those people surveyed in the 55 to 64-year-old age group rated 43 as the most expensive year of their life because of property costs, home improvements and paying to put their children through university.

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