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| Adults 'rely on parents' finance' | Adults 'rely on parents' finance' |
| (about 7 hours later) | |
| The costs of bringing up a child do not end when they enter adulthood - parents end up spending an average of £21,540 on adult children, a survey suggests. | The costs of bringing up a child do not end when they enter adulthood - parents end up spending an average of £21,540 on adult children, a survey suggests. |
| The poll of 1,184 people with children aged 18 and older found 94% helped them pay for education, housing and cars. | The poll of 1,184 people with children aged 18 and older found 94% helped them pay for education, housing and cars. |
| And 55% admitted to helping their grown-up children with general living costs, according to the YouGov poll. | And 55% admitted to helping their grown-up children with general living costs, according to the YouGov poll. |
| The survey, carried out for insurers LV, revealed parents gave an average £5,602 towards children's first homes. | The survey, carried out for insurers LV, revealed parents gave an average £5,602 towards children's first homes. |
| Lifetime commitment | Lifetime commitment |
| LV spokesman Nigel Snell said: "Our study shows that parents can no longer expect their children to pay their own way once they have flown the nest. | LV spokesman Nigel Snell said: "Our study shows that parents can no longer expect their children to pay their own way once they have flown the nest. |
| "More than ever it's true to say that having children means signing up to a lifetime financial commitment." | "More than ever it's true to say that having children means signing up to a lifetime financial commitment." |
| Of those surveyed, 62% said they helped their adult children because "they need the assistance", while 17% said their child had asked them for financial help. Spending on adult children Average contribution to wedding: £3,111Average contribution to university fees: £2,245 per year42% of respondents gave children more than £1,000 for a first car64% contributed more than £1,000 towards their children's savings Source: LV/YouGov class="" href="http://newsforums.bbc.co.uk/nol/thread.jspa?forumID=5307&edition=1">Send us your comments | |
| However, only 29% said they had received financial help from their own parents after leaving school. | However, only 29% said they had received financial help from their own parents after leaving school. |
| The poll also found nearly a quarter of parents in their 40s still have children aged over 25 living with them. | The poll also found nearly a quarter of parents in their 40s still have children aged over 25 living with them. |
| Property ladder | Property ladder |
| Nearly half of the over-70s who responded were still helping their children. | Nearly half of the over-70s who responded were still helping their children. |
| BBC research previously showed one in seven parents with adult children had remortgaged or taken out a loan to help them get on the property ladder. Other studies have suggested parents contribute between £18,000 and £24,000 towards homes. | BBC research previously showed one in seven parents with adult children had remortgaged or taken out a loan to help them get on the property ladder. Other studies have suggested parents contribute between £18,000 and £24,000 towards homes. |
| Meanwhile, last month it was revealed an estimated one in 10 students had nominated parents as "agents" to help them secure a university place. | Meanwhile, last month it was revealed an estimated one in 10 students had nominated parents as "agents" to help them secure a university place. |
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