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

1984ReturnsForReal_2

£43 you say.

Sounds about right to me.

PasturesNew

1984ReturnsForReal wrote: »

£43 you say.

Sounds about right to me.

Hello dad!

Sagz_2

Cleaver wrote: »

"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."

Luxury! I used to dream of parents like them :rotfl:

worldtraveller

Certainly I've seen a massive increase in the amount that parents I know have subsidised their childrens 'I want it now' lifestyle over the past 10 years, or so. This has largely happened in boom times, when the majority of people have seemed to think that it will never end. I fear that we now have a generation in their late teens & 20's, many of whom have absolutely no idea about financial responsibility. At the same time I fear that many of the parents that have mollycoddled their children, often largely to 'keep up with the joneses', will now face major problems themselves, with little of no financial buffer for bad times, or savings for their own retirement. Maybe these same children will now subsidise their parents retirement in penury? :think::rotfl:

Batchy

my dad helped me with my first car, but only because I was going to get a job to pay for one. And he said he would buy it and insure it if I paid for my own lessons and test. and went to uni.
Which I did.

Thats about it... apart from loans never really had hand outs at all!

I was fortunate to benefit from grants at the time, and worked hard myself through Uni. Tired me out though. And I lived at home instead of stopping away!

HappyMJ

My mum bought me a car for my 18th... It was about 30cm long and went vroom vroom.. Top speed however fast I could push it..

I paid for everything out of my own money and paid my mother board since I was working/claiming EMA and grants at 16. Not a huge amount but enough to help pay some bills.

I used buses and trains until a few months after leaving college and got a loan to buy a car and insurance. Got a few freebie furniture items when I did set up a flat. A worn out but usable sofa, a old washing machine, old wooden dining table and a double bed. Stuff she wanted to replace anyway.

Out,_Vile_Jelly

My dad paid for me to go through university; I was one of the last to escape fees and he gave me a cheque each term to cover rent, with £40 per week left over to cover bills, food, travel, books, boozing etc. Since then, I haven't asked for anything. Well, I did enquire whether he'd like to just give me my "wedding fund" as a cash gift, given my spinster status, but he laughed hollowly and said there was no such thing, grrrr.

I did live at home for a peppercorn rent for a few months in between living abroad and moving to London- it's this sort of support that you can't put a price on.

Cleaver

worldtraveller wrote: »

Certainly I've seen a massive increase in the amount that parents I know have subsidised their childrens 'I want it now' lifestyle over the past 10-15 years. This has largely happened in boom times, when the majority of people have seemed to think that it will never end. I fear that we now have a generation in their late teens & 20's, many of whom have absolutely no idea about financial responsibility.

Okay, I can't speak for my generation (and nor would I want to) but this is our story. My wife (then girlfriend) and I decided that we wanted to buy a house. We saved around £20,000 over a two year period, looked around a load, put in an offer on one we liked for £130,000 and had it accepted. We then went about arranging a mortgage, and had one all ready to sign. At was at this point that my parents sat down and told us that they'd like to give us some money towards the deposit. They did this at this point because they wanted to help us, but didn't want us to take money for granted.

As I say, I can't speak for everyone else, but my parents gave us money whilst ensuring that we still had a clue about financial responsibility.

JonnyBravo

PasturesNew wrote: »

Did you have this spent on you?
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.

University: Yes, parents paid.
Weddings: No. Paid for by us.
Car: Yes, parents bought.
Deposit for house: Yes. I saved but then as I completed my dad gifted me back the money. Complete surprise.

Overall, I've had more than the £43k. Someone has to keep the average up eh?
Like Cleaver I think I still know the value of money. I celebrate it's value down the pub and on holiday.

Cheers. :beer:

chewmylegoff

my parents paid for university - i was the last year without fees but they paid my living costs, as they didn't want me to have to get a job in term time. i'd say they gave me somewhere in the region of £20,000 over the three years but i forget the exact amount they were giving me. i was in london so my rent was around £80pw so that sounds about right - i certainly didn't have oodles of spare cash to p!ss up the wall. they also kept my mum's old car which they would have otherwise sold and insured me and my sister on it so we could get around in the university holidays.

when i moved into my unfurnished flat (rented) a couple of years back, they gave me £2,000 for furniture.

i inherited half a house a few years back, so there has been no need for them to help out with a house deposit; however, if i needed them to help i expect that they would.

if i got married, i dare say they'd want to help out with that as well. i certainly wouldn't refuse if they did.

i don't rely on their support, but it has certainly made things easier. i don't really see what the problem with all this is, or why it is a bad thing. if you had the spare cash, and your kids were getting married / buying a house / going to uni, would you either: (a) help them out in a sensible manner; or (b) tell them they're ungrateful little !!!!!! and they need to learn the value of money by doing it all themselves?