Parents take on second job to help adult children with money

Parents in the South West are being urged to financially plan ahead, in light of new research showing their grown-up children cost them a whopping £36,281.22 for adult milestones.

Research commissioned by Coventry Building Society, found university fees, house deposit, one wedding and first car were bills frequently footed by the parents.

But 24 per cent of parents are failing to save for their grown children’s future, even though the average amount parents anticipated paying out for adult children came to £26,083.91.

The research also found nine per cent of parents had to go to the trouble of getting a second job and two per cent re-mortgaged their house to help support their adult children financially.

But parents are making a rod for their own back, with the average parent paying £2050 for their child’s first car instead of making them save up for their own first banger.

Spokesperson for Coventry Building Society, Rachel Haworth said:  “There is a stark contrast between what parents are expecting to fund when their children grow up, and what they actually end up paying.

“It is also important to bear in mind that the figure of £36,281.22 is what parents of grown up children have paid now, so we can only expect this to increase further in years to come.

“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. Even taking simple steps such as saving child benefit payments into a high-interest savings account, such as our Family Saver account can make a big difference in the long-term.”