Adult kids cost parents £2,103 a year

24 July 2012

Over 4.4 million adults aged 21 and above still receive financial support from their parents after they've turned 21.

Parents are regularly helping to pay towards their grown-up children's basic living costs, including bills and rent, to the tune of £2,103 per year or £175 each month per child, according to a study by LV=.

On top of this, parents spend an additional £9,476 on average per child on big ticket items over the course of their lifetime. These big spends include house deposits, further education, weddings and even holidays.

According to LV='s study, most parents these days don't expect their children to be financially independent until they are 38, while a quarter expect to financially support their children for their entire lives.

Continued support

"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," says Mark Jones, head of protection at LV=.

He adds: "Many parents won't have considered how their kids would continue to cope if they could no longer support them financially.

"Discussing their financial situation with a professional adviser and looking at all the options available, including life cover and income protection, making sure policies are put in trust for children where appropriate, and having an up-to-date will in place, can provide invaluable financial security for families."


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