The Rising Cost Of Adult Children

Emptying the Nest Egg The Cost of Adult Children The cost of raising a child from birth to 18 is an estimated £148,105 But with a staggering 80 % of adults admitting they're still reliant on their parents for financial help, it seems the costs of being never quite done. is A parent's a parent now far exceed nappies, school trips and dinner money... work £13bn the total UK debt to the Bank of Mum & Dad 1 in 3 parents sacrifice their pension pot to help their adult offspring 30% of parents who finance adult offspring estimate they spend £15,490, per child What are they footing the bill for? On the Road 1/3 Drivers need parents to buy their first car 1/5 also need parents to insure it Average cost of learning to drive and getting on the road (not including the car): £5,147 Average age of first time car owner: 25 Most popular first time car: Vauxhall Corsa 34% of parents pay towards their child's car or expect to do so Expensive Education 37 of parents pay University or education fees or expect to do so Average debt for students that started university in or after Autumn 2012 £53,330 £11.15 Weekly amount of 'spare' cash after rent and utility bills 85% of students believe there is pressure on parents/guardians to help with university fees 32% of parents are paying towards university accommodation and living costs Boomerang Babies 3million over 50s have an adult child living at home 1 in 7 are aged between 31 and 40 the average age of an adult 27 living with their parents Tying the knot 38% of parents expect to help pay for their child's wedding The average cost of wedding - £E22,000 53% of couples go outside of Europe for their honeymoon In 2012 53% of couples shared the cost of the day with the parents 11% had the affair paid for completely by their parents The First Home 26% of parents are likely to pay or have paid towards a deposit for a first home SOLD 24% of parents expect to help or have helped with mortgage, credit card, and other debts @aldermorebank www.aldermore.co.uk SOURCES: http://www.cpag.org.uk/content/cost-child-2013 http://england.shelter.org.uk/news/july_2013/first-time buyers rely_on bank of_mumand dad for 2 billion a year http://www.dailymail.co.uk/news/article-230020/What-economic-crisis-Wedding-rises-22-000-bank-mum-dad-foots-bill html http://ukgroup.standardlife.com/content/news/new articles/2012/300512GenerationExpense.xml http://www.newsroom.hsbc.co.uk/press/release/bank_of_mum and_dad_means_busi http://www.theguardian.com/education/2012/now/19/poorer-students-rising-living-costs http://www.topeashback.co.uk/images/blog/StudentFinancesin Numberstnfographic jpg http://www.saga.co.uk/newsroon/press-releases/2013/may/OVER 50s DESPAIR AS KIDS STILL AT HOME AGED-27.aspx http://www.lv.com/adviser/working-with-lw/news detail/?articleid-2981421 http://www.thisismoney.co.uk/money/pensions/article-2132779/Parents-support-adult-offspring-forfeit-38-500-pension.html http://www.ons.gov.uk/ons/rel/family-demography/families-and-households/2012/stb-families-households.html https://www.moneyadviceservice.org uk/en/articles/the-cost of-learning to-drive-and-getting your-first car http://www.aviva.co.uk/media-centre/story/16990/ford-models-top-britains-best-loved-first-cars-of-/ http://www.bbc.co.uk/news/education-23080323 http://www.parliament uk/briefing-papers/snos871 http://www.co-operative.coop/corporate/Press/Press releases/Headline newa/Young adults fail to-cut ties with bome says-new Co-operative report/ http://www.dailymail.co.uk/news/article-2018060/Celebrity-newlyweds-spark-9-Sbn-honeyboom-cost-wedding-break-hits-4-000. html