The current economic climate is leading those who are less confident about their financial situation and the economy to delay or postpone significant life events, according to a new Which? survey.
Which? found that 53% of those planning to move house have decided to delay or postpone their plans because of the economic situation.
In our survey, we found 10% of people were extremely or very worried about the price of their house falling, which may have led to this decision.
Which? Money property expert Cathy Neal said: ‘It’s understandable that people are cautious at such an uncertain time and want to wait and see what happens before they move house.
Researching your mortgage options using our mortgage comparison tool could help you work out whether you can afford to move as well as speaking to local estate agents if you are planning to sell your home to get an idea of its current value.’
Half of those surveyed have delayed their plans to change jobs, a decision that may be due to the belief that the economy will take more than two years to recover.
Indeed, a massive 73% of public-sector workers are not confident about the state of the UK economy, compared with 59% of private-sector workers.
Nearly 38% of those planning to retire also made the decision to postpone. With 490,000 planned job cuts in the public sector over the next four years and with the overall employment market looking less than stable, we found that 7% of people were either extremely or very worried about losing their jobs.
Which? Money retirement expert Ian Robinson said: ‘Maximising your pension savings certainly makes sense in the current climate, while retiring early can have a major impact on the pension you receive later in life.
Those nearing retirement should review their pension plans carefully and make sure there isn’t a shortfall. One way of avoiding this is to carry on working on a part-time basis.’
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