A new survey of parents with children 18 years and older conducted by UK insurance group LV found some scary statistics about how much money UK parents are spending on their adult children. Among the findings:
- Parents spend an average of £21,540 supporting their children after age 18
- 94% of parents continue to contribute financially towards education, houses, cars, and living costs after their kids reach 18
- Parents contribute an average of £5,602 to their child’s first home
- 42% of parents give their children more than £1,000 for a first car
… and the two most staggering statistics:
- 79% of those with grandchildren are supporting both generations
- 45% of parents aged 70 or older are still helping their children financially!
Source: The Press Association.