Almost half (48%) of 18-34-year-olds admit they have put off life goals such as having children due to affordability, Moneyhub has found.

Research by the data, intelligence and payments firm revealed that as a result of increased cost and higher interest rates, just under a third (31%) of UK adults have put off life plans.

In a survey of 2,000 UK adults, Moneyhub found that the middle-aged are the most likely generation to feel the pressure on their purse strings, with 63% of 45-54 year-olds indicating they are worried about their financial situation.

Across all age ranges, over half (52%) that they are worried about their respective financial situations.

Furthermore, two fifths (40%) of people across all ages said they end up with no money in their accounts at the end of the month or in an overdraft.

This increased to 54% for those aged 25-33 years old and fell to 35% for those aged between 55-60 years old.

As a result of high inflation, over two in five (44%) adults said they had to dip into their savings in the past 12 months, with a further 28% said that they are struggling to save and 18% stating they have an erratic approach to savings, with some months being better than others.

Just 15% said that they are able to save a significant amount of their income each month.

Managing director at Moneyhub, Kim Jenkins, said: "Our research makes it clear that there is an opportunity to help customers understand and manage their finances. By using the available technology, banks and financial institutions would be able to help their customers properly understand their financial situation and provide smart nudges that would help them make better financial decisions.

"Through open banking capability and easy-to-build solutions such as Moneyhub’s smart saver API recipe, banks can provide a helping hand for their customers to budget and know precisely when they have excess to save. This will also enable them to deliver better customer outcomes."

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