Parents have to fork out around £43,000 for their kids once they get past 18, according to a survey by Coventry Building Society. They interviewed 1,000 parents with “kids” between 18 and 30, and another 1,000 parents with kids between 0 and 17 and found a big difference between what parents expect to spend and what they actually spend.
The average parent with children of school age or under expects to pay a maximum of £29,060 for their children during their adult years. However, parents of children aged 18-30 said they will shell out up to £43,189.85 on milestone events (including university fees, rent, a wedding, their first car and a deposit for a house) for their grown up children.
Only 37% of parents with children aged 18-30 had saved for their children’s future throughout their childhood while 21% of parents with children under 18 have no money saved for their future, while 62% have saved £1,000 or less.
Rachel Haworth, of Coventry Building Society, said, “We would encourage all parents to get into the habit of putting money aside every month to help prepare for the big events in their children’s lives.”