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Children Now Costing Parents More As Adults

by Jim ONeil on May 21, 2011

in Personal Finance Tips

More and more children are remaining financially depending on their parents well into adulthood. Though parents in the UK (and everywhere else, for that matter) love their children, this prolonged monetary drain is beginning to worry them. Many parents learned from the school of hard knocks and they know how hard that is so they try to make things easier on their children.

Though this generosity is nice, some parents begin to wonder when it will stop. They remember where they were in life at that age and it is miles ahead of where their children are. Many of their own fathers worked in a trade so there was not enough money to support children past the age of 16 or 18. Now, those self-sufficient children are supporting their own kids who are in their 20s.

Even when children are industrious enough to land respectable work, the cost of living often prevents them from moving out of their childhood home. In London, living costs are particularly high and some parents find themselves providing their wage-earning children with extra cash for regular expenses. They are proud of their children but they also worry about their future.

Many of these parents also supported their children through the university years. Student loans may not have been enough to cover tuition, room, and board. Therefore, parents easily spent hundreds of pounds per month to help their children survive while at university. For families with more than one child, this often put quite a strain on the wallet, which now continues.

According to recent research, grown-up children in the UK are more of a financial drain than they were at a younger age. The Coventry Building Society recently polled UK parents who had children age 18 to 30. It found that parents pay about £43,000 on them for things like rent, university fees, home deposits, first automobiles, and weddings.

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