Around 4.4 million adults in the UK are turning to the Bank of Mum and Dad for financial support, research shows.
British parents are regularly helping to pay towards their grown-up children’s basic living costs including bills and rent, at an average of £2,103 per year or £175 per month for each child, the LV= study indicates.
On top of this, parents are spending an additional £9,476 on average per child on big ticket items over the course of their adult lifetimes, such as helping to get them on the housing ladder, further education, holidays, or paying towards a wedding.
And although someone is considered an adult when they turn 21 years old, parents expect to be footing the bill for their kids until they reach the age of 38, the poll reveals.
Some 1.6 million adults still live at home, with more than half in their twenties, a third in their thirties and one in 10 aged 40 and above.
The average age of a first time buyer in the UK today is 38 and this is predicted to rise to 41 by the year 2025.
But a significant financial strain is being put on parents supporting their adult children, with nearly half saying they have been forced to raid their savings and 10 per cent having spent all of their savings, according to the survey.
Mark Jones, LV= head of protection, said: “Bringing up a child is expensive and for millions the cost doesn’t stop when your child turns 21.
“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.”
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