Whilst most people these days face a range of financial pressures, such as rising living costs, soaring bills, a freeze on salary or a drop in income along with soaring debts, there are different age groups that are more likely to experience different financial problems at various stages of their lives. This is according to a recent study and report from Standard Life.

The report is called Your commitments, Your Future, and it is part of a campaign to help people to develop greater understanding when it comes to their financial commitments and debts, and how their financial commitments can change at different times and stages of their lives. This, according to officials, will prove very helpful in the long terms to many people.

An official from Standard Life said: “This understanding can help substantially with planning our personal finances so that we can feel confident about the future and achieve our goals. If people were to dedicate more time to their long term financial planning, they wouldn’t just be better off financially, they’re likely to be better off all round.”

The report shows that the greatest financial pressure in terms of finances and debts is faced by people who are aged between their mid-thirties and mid-forties, when spending on credit cards and mortgages tends to reach its highest level. Spending on bills, household spending, and debts for people in this age bracket averages around £1160 according to the report.

For people in this age group mortgage repayments come in around £600 per month whilst credit card repayments are around £350. When it came to loan repayments, however, the over 55 age group took the lead in terms of financial pressure, although this data excluded student loans.