Earlier start means easier ride

22 April 2014 - 09:56 By ROXANNE HENDERSON
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Trend analyst Dion Chang says couples are getting hitched and having children later.

The result - they are struggling to cope financially.

Unlike baby boomers, who got married and had children in their 20s, couples today are having children well into their 30s, the trend analyst says.

Fertility expert Dr Goolam Mohamed says there has been a jump in the age of first pregnancies in the past 15 to 20 years. More women are having children in their late 30s and early 40s "to advance their careers first", he said.

Chang said this global trend leads parents into financial turmoil because there is an overlapping of two major saving projects: education for the children and retirement for the parents.

"People don't consider it consciously," he said.

All too frequently parents find themselves struggling to save for retirement as the costs of having a family pile up.

Cape Town church minister Stephen Nicholson agreed that people are starting their families later in life.

"The average age of the couples I marry is about 35," he said.

Nicholson, 45, whose wife gave birth to their first child when he was 44, said: "Education for the children is a huge worry."

Financial planner Anthea Knowles said education costs are a growing concern for parents and medical aid scheme contributions add to the stress.

"Medical costs are something people don't budget for any more."

Ninety-four percent of South Africans cannot afford to maintain their standard of living at retirement and 5% will have to continue working after 65.

Knowles said that planning for retirement should begin early.

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