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Adults rely on Bank of Mum and Dad to age 38

27/07/2023

More and more adults are receiving financial help from their parents for basic living costs as well as weddings, property buying and education, according to a recent study by LV=. The survey revealed that parents in the UK are likely to contribute an average of £2,103 towards each child’s basic living costs every year, as well as £9,476 per child on big-ticket items and events over the course of their lifetimes.

In fact, it isn’t until people reach the age of 38 that they are expected to be financially independent, while over a quarter (28 per cent) of parents expect to be supporting their children throughout their entire lives. According to the study, the average age of a first-time buyer in the UK is also now 38, and this is predicted to rise to 41 by 2025.

Mark Jones, head of protection at LV=, said: “Bringing up a child is expensive and for millions the cost doesn’t stop when your child turns 21. In fact the Bank of Mum and Dad continues to foot the bill well into adulthood. Young people are leaving university with large debts, youth unemployment is high and property is unaffordable for many. Many parents won’t have considered how their kids would continue to cope if they could no longer support them financially.”

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