The cost of adult kids
Grown children or ‘Kidults’ between 18 and 30 are costing their parents an average of £32,664. Published by the Metro, this figure comes from a recent study gathered by Peer to Peer Lender Zopa. According to their study, four in ten parents face pushing back their retirement a further three years just to support their children. These spends usually include, weddings, a first car, deposit for a house and university fees. Nearly two in three have dipped in to their savings, and seven in ten said they have adjusted their lifestyle to accommodate the extra spend.
The prime costs
The biggest expense recorded is university fees, which parents contribute an average of £5,482 per child. The research also found that between the two, daughters are more expensive to accommodate then sons. Daughters cost their parents an average of £35,920, while sons cost them around £30,251. It is no new discovery that parents of Generation Y (those born between 1981 -2000), don’t stop parenting at 18 – currently British parents end up supporting their children until 25 and up.
Financial planning could help you save for your future and also help support your children. Contact an adviser today for more details.