You are here: Home - Household Bills - News -

Parents give adult children ‘£124 a month’

Written by:
Young adults receive an average of £123.60 a month from their parents to help towards living expenses, a survey reveals.

The money is used for food, mobile phone bills, clothing, cosmetics and transport, according to the research by Money.

The study looked at the financial help parents of 17-25 year olds provide their children, and almost a fifth admitted that supporting them was putting a real strain on their finances and their relationship with their kids.

A quarter (23%) of parents felt their children had gotten used to a comfortable lifestyle thanks to their contribution, with 11% saying they’d paid too much money supporting them.

Some 15% of parents quizzed said they needed to reduce the amount of money they give to their children. Over a fifth (21%) were concerned that supporting their adult children was hindering their ability to save for themselves or their retirement.

Twelve per cent had not expected to still be making financial contributions to their kids.

At the other end of the scale, more than a quarter (28%) of parents wished they could do more to help their children.

Over a third (35%) said they give their grown-up offspring the odd £10 or £20 for treats, while 14% said they gave their adult kids regular pocket money.

Matt Sanders from Money, said: “While it’s good to see that families are supporting each other, money can put a lot of pressure on families and parents should only give their grown-up children what they can afford. It may be that some families have got into the habit of Mum and Dad always picking-up the bill – even when their children are earning enough themselves. Money can be a tricky subject but it could be time to cut the parental purse strings if subsidising your adult children is causing financial difficulty.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week