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Mum and Dad's Bank

Who pays for who?


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:

 

Who pays for who?

 


 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?

  • 18% monthly
  • 26% now and then
  • 30% stopped once children got a full-time job
 Parents bankroll adult children

Do parents ever get paid back?

  • 22% never expect it back
  • 21% it's agreed they must, but nothing yet
  • 11% yes, eventually
 Do parents get paid back?

Top 5: What do parents pay for?

  • 22% car
  • 17% help with rent
  • 17% holiday
  • 15% university fees
  • 14% commuting
 What parents pay for

Do your children invite you out for a meal, drink or a holiday and pay?

  • 4% yes, they won't let me pay for anything
  • 21% yes, but I won't allow them to pay
  • 26% no, I still pay for most things
 How adult children pay back
PAYING IT BACK

Average age to start spending money on parents:

  • 24 years old

 

The largest average amount spent on parents:

  • £1468
 Paying it back

Do you feel your adult children are actively trying to pay you back?

  • 29% yes
  • 18% they treat me when they can
  • 22% no
 Is your adult children paying you back

Top 5: What adult children spend on parents?

  • 54% meal out
  • 38% invite round for dinner
  • 37% item of clothing
  • 35% a pint
  • 25% jewellery
 

What adult children pay for


 
Please click on the image below to open the full infographic
 
Who pays for who?
 

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