People are drastically underestimating the cost of life's big events.
New research from HSBC has found that people think it will typically cost £73,221 to raise their first child, while the actual average is calculated at £165,648.
This highlights a major discrepancy in UK adults' understanding of how much money will be required in order to give a kid a good upbringing.
Similarly, consumers think university debt will stand at £9,541 when a person finishes, but it is actually closer to £44,000.
Bruno Genovese, Head of Savings at HSBC, noted there is a "substantial financial outlay" required in order to cover the cost of certain events.
"Unless people are fully aware of the budgets that are needed and start saving and planning their finances early, some may have to delay these milestones," he added.
Adults are also misjudging the expense associated with a wedding, as the average expected price is £8,365, while the real figure is over £20,000.
The study highlights how people need to save diligently if they want to be able to afford everything they want.