With the rent, food, clothes, tuition and other expenses, raising a child to the age of 21 may cost around £230,000! This is our newest survey result based on a large number of participants. For sure, the Mum & Dad bank is the go-to bank for many children, young or adult.
We were curious as to when this "bank" closes and when parents and children swap their roles. Or, do they ever? Take a look at the infographic below to see how far parents would go in providing for their adult children and what costs they still cover even though the children are now fully-fledged grown-ups.
Click on the image to open the full infographic:
Spending money on our children
The cost of raising a child to the age of 21 is around £230,000. The Bank of Mum & Dad seems to be a profitable one for children, but do they return the favour?*
*Based on recent survey results
BANK OF MUM & DAD
Do parents still regularly bankroll their adult children?
Do parents ever get paid back?
Top 5: What do parents pay for?
Do your children invite you out for a meal, drink or a holiday and pay?
PAYING IT BACK
Average age to start spending money on parents:
The largest average amount spent on parents:
Do you feel your adult children are actively trying to pay you back?
Top 5: What adult children spend on parents?