What is your mid-life crisis really costing you?

It’s no secret that the mid-life crisis exists. 30 per cent of Britons have experienced one, but did you know it costs on average £17,420 each?

According to new research undertaken by specialist broke Towergate, it’s men who are the big spenders, averaging a spend of £26,141, three times more than women who spend an average of £8,497. 

The stereotypical purchases such as boats and motorbikes are however less popular, with 50 per cent of respondents reaching for alternative remedies. These have included beach huts, music lessons, personal gyms and even state of the art home cinema installations. 

The mid-life crisis does not however seem to carry the same reputation that it once did. With the average age lowering to 42, the mid-life crisis is now being embraced. In fact, 81 per cent of respondents are more than happy to admit their age. 

This could however be why costs have risen so dramatically. With the subject now considered much more acceptable, people are embracing their mid-life crises and seemingly spending more than ever before. 

They’re now seen as an opportunity to self-improve and learn new skills. It is important however not to get too caught up in the fun and forget about your finances. If you don’t have savings, you could be at risk of finding yourself in serious debt.

Check your finances, and if you can’t afford that home cinema, why not look for a cheaper alternative? It will pay off to be prudent, as the resulting debt will only cause more stress than the mid-life crisis itself.