Parents expect to pay for children for 38 years
When you have children for the first time, you may envisage sending them off to university at the age of 18, hoping to finally get your financial independence back. It seems that 18 is just a pipe dream, and that a more accurate estimate is around your son or daughters 38th birthday, some 20 years later.
According to research by insurance firm, LV, more and more parents are still subsidising their children cost of living in adulthood, with latest figures showing some 4.4million adults are still receiving some form of financial support from their parents to help them meet living costs.
The average parent shells out some £2,103 every year, which equates to £175 a month, for basic day to day living costs, but it doesn’t just stop there. Parents are also the first people most children go to when they need money towards a house deposit, wedding or their holidays, with the average child getting an extra almost £10,000 throughout their lifetime in handouts from parents.
Whilst many parents are helping their children, 12% revealed they felt they didn’t have a choice but to help their children, and a massive 42% revealed they subsequently struggled themselves because of the money they gave their children.
Head of Protection at LV, Mark Jones explained, “Bringing up a child is expensive and for millions the cost doesn’t stop when your child turns 21. In fact the bank of mum and dad continues to foot the bill well into adulthood.
“Young people are leaving university with large debts, youth unemployment is high and property is unaffordable for many. Many parents won’t have considered how their kids would continue to cope if they could no longer support them financially.”
It’s important for customers using Life Insurance Quotes to consider not only how much money they feel their other half may need to support their children until they leave home in the case of one parents death, but how long you feel that child will still be financially dependent on their parents.