Page last updated at 01:25 GMT, Friday, 5 September 2008 02:25 UK

Adults 'rely on parents' finance'

Coins, notes and calculator
Parents in their 70s are still helping their children financially

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.

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.

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.

"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: 3,111
Average contribution to university fees: 2,245 per year
42% of respondents gave children more than 1,000 for a first car
64% contributed more than 1,000 towards their children's savings

Source: LV/YouGov

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.

Property ladder

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.

Meanwhile, last month it was revealed an estimated one in 10 students had nominated parents as "agents" to help them secure a university place.




SEE ALSO
Pushy parents can act as agents
19 Aug 08 |  Education
Kids plundering parents' savings
27 Feb 08 |  Business
The cost of kids
02 Mar 07 |  Business
Parents paying for property dream
03 Aug 06 |  Business
Adult kids 'fail to leave home'
09 Jun 05 |  Business

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