Most Americans will celebrate a major life milestone in the next year, but new research from Citizens and Wakefield reveals that paying for these life events is what really weighs on people, and that access to more payment options could help ease the way.

According to the research, 78 percent of Americans will experience a major life milestone in the next decade, and half will encounter a major life event within the next 12 months; and while major life moments can take an emotional toll, 60 percent of Americans and 73 percent of Gen Z Americans say the financial stress of paying for the event is greater than the associated emotional stress.

Increased financial flexibility, including more payment options, would enhance these milestones, which for the year ahead include celebrating a wedding anniversary (18 percent) and purchasing a new home (15 percent), according to the research. For the more than three in four Gen Z consumers who anticipate a major life event this year, 42 percent will move into a new apartment, 16 percent are starting college and 11 percent are getting married.

“There’s a disconnect between consumer desire to celebrate life’s big moments in the way they want and their ability to pay for those moments without high levels of financial anxiety,” said Christine Roberts, executive vice president and head of Citizens Pay, a point-of-sale consumer financing solution. “Predictable, low-interest monthly payment options, such as installment financing, can help remove financial stress and enable people to more readily enjoy life’s key moments. This is a critical insight as we continue to innovate and deliver new products that can help consumers responsibly manage their financial lives.”

Financial flexibility

According to the research, of those who had a wedding or are planning to marry, 82 percent wish they could have the financial flexibility to afford a more luxurious honeymoon (54 percent) or more expensive wedding rings (28 percent).

Nearly all (97 percent) of those planning to buy a new home wish they had the financial flexibility to afford more, including higher-quality furniture (51 percent), more smart home electronics (43 percent), and top-of-the-line appliances (42 percent).

Nearly three in four parents (74 percent) and those expecting to welcome a child into their homes wish they had the financial flexibility to provide a better amenity, including higher-quality furniture (41 percent) and smart electronics, like a baby monitor (38 percent).

And among those that have started college or expect to, 92 percent wish they had the financial flexibility to afford a relevant item, such as personal electronics (62 percent), funds to travel home more often (57 percent), and appliances for dorm rooms (56 percent).