How the 'bank of mum and dad' shells out £43,000 AFTER a child has reached 18

PasturesNew

What a load of old assumptive toss.

Did you have this spent on you?
Will be you spending it on your kids?
Really....?

http://www.dailymail.co.uk/news/article-1366521/How-bank-mum-dad-shells-43-000-AFTER-child-reached-18.html

Parents spend an incredible £43,192 on every one of their children after their 18th birthday, a new study has found.

The bank of mum and dad is endlessly called upon to fund things such as university fees, weddings, a car and a deposit for a house even after they become 'adults.'

For me:
University: Never went
Weddings: Never had one
Car: I bought that
Deposit for house: I saved that

What a load of old tripe.

teameffort

My parents didn't pay for my degree (or the overdraft that followed lol), or the fees to rent various places nor are they helping to raise the house deposit we are currently saving for.

and whats more i don't want them to...i want to have that knowledge and sense of achievement that we (me and my partner) did this.:j

We are on low paid jobs and save, no drinking, partying or expensive branded clothing.

we know the value of money.

maybe if people had to work for what they had, house prices would be more affordable. simply because they wouldn't want to pay so much.:mad:

Rant over lol

John_Pierpoint

My kids went on a monthly allowance aged 14. (They then got part time jobs and started making sandwiches for lunch).
Worked their round the world gap year - but we did chip in to help with the air ticket.
Financed Uni with holiday jobs and a loan (now repaid) from the bank of mum and dad to buy something a bit better than a squat.
We did help finance themed "low cost" weddings circa 1,500 - 2,000 each.

I can think of several friends whose boomerang kids have probably cost a sum very similar to the Daily Mail budget.

Will the younger generation ever learn to stand on their own feet, when they know they can "tap" their parents for that list of luxuries - I might help chip in for a moped for an offspring to get to a job they had managed to find in these hard times but "a car"?! (I expect some parents pay the petrol and insurance costs too!)

Some time back there was a thread on here along the lines of "Are you charging your boomerang kids for returning to the family home"

Running_Horse

I will help if I can, when the time comes.

Too many variable between now and then to know how much that will be.

Davesnave

Well, if they let their toddlers walk around on the top of tables, they shouldn't be surprised if they walk all over them in a financial sense when they come of age! What a ridiculous illustration.

Rather than put the Child Benefit into a trust fund, they might consider liberal applications of the word "No!".....and mean it. Who would do that with CB anyway? Oh yes, those who don't have an immediate need for it.

As a former teacher, it's has been a constant joy for me to know that, disabilities apart, parents really do get the kids they deserve.

Cleaver

My parents paid for my Uni tuition fees, but I had a job three nights a week during Uni which paid for other stuff. They also helped out with the deposit for our first house. Never had a car bought for me, but they gave me my Mum's old one when she had a new one (value was probably around £1,000, it was an old Clio).

We paid for our wedding, never had a gap year and can't say I've had any pocket money since I was 18.

I feel as though I'm very in tune with the value of money despite having help from parents.

geri1965_2

Started work at 16 and have not had a penny from my parents since then.

Cleaver

I have to say that I enjoy these threads on here, just so I can read something along the lines of the following:


"My parents actually stopped financially supporting me at the age of 8 and I had to quit school to get a job at a mine. I'm glad they did this as it taught me the value of money.

They also actually started to take money off me from the age of 14, which was brilliant as well, as it taught me the value of money.

Then at the age of 17 my Dad forced me to make a car out of meccanno, which I paid for myself. I'm glad he did it, as it taught me the value of money. Car never worked, but that's not the point.

When it came to buying my first house, not only did my parents not help financially, but they actually started to bid up on the houses I was trying to buy to make it even harder for me to buy. I'm glad they did, as it really taught me the value of money.

Even now, as a fully formed adult, my parents still come round and punch me repeatedly in the face before grabbing my wallet and taking a few tenners out. And I'm glad they do, as it really teaches me the value of money.

I've not got married yet, but when I do my parents won't even go. And I'm glad, because I'll be taught even more about the value of money."

System

Cleaver

My Dad helped me out quite a bit through Uni, basically paid my rent for me, which was something like £300 a month.

Let me live in his house for only £25 a week when I was saving my deposit, paid legal fees for me when I moved (actually, just cashed in a favour he was owed), gave me £1k towards a wedding. Probably not £43k though!

blueboy43

As running horse says, plenty of variables between then and now.

However as I was amongst the last cohort of people to go to university fee free and get a full grant (£1850 per year - 1/2 board halls of residence was £300 per term!) I will try and at least pay the kids fees if and when they go.

I just think its the right thing to do.

StevieJ

Looks like that marketing play from the Coventry BS certainly hit the mark