Children moving out costs parents £2,570
April 10, 2017 0 comments
Parents spend an average of £2,570 when their children move out of the family home.
This figure was revealed by research which suggested that as many as 85 per cent of parents financially contribute to their adult children’s new lives. This includes paying around £1,114 for everyday household items they will need at university. In addition they will pay an average of £631 to get their children set up in their first rented accommodation, either a flat or a house, and as much as £825 when their child buys their first home.
In many cases, payments continued after the children were set up in their own homes. Twenty-three per cent of parents gave money once a month while 18 per cent did so at least twice every month.
However, parents also made savings following their children’s departure. More than two thirds – 67 per cent – of those surveyed said their food bills dropped once their child had moved out. Meanwhile 42 per cent claimed their utility bills went down and 35 per cent said they spent less on their phone bills. Almost a quarter – 24 per cent – spent less on petrol once the nest was empty.
The research was conducted by Nationwide Savings. The building society also found that some parents used their children’s move as a motivation to make changes to their own lives. Four per cent of those questioned divorced afterwards. Less drastically, more than a quarter – 27 per cent – decided to redecorate while 17 per cent moved house once they no longer had children living with them.
While 47 per cent of children had left home by the time they turned 18 years old, eight per cent still lived with their parents at 25 or older. When the parents were asked how they felt when their children moved out 31 per cent were proud, 13 per cent felt lonely and ten per cent said they were “devastated”.
Last year, a survey of 2,000 British adults found that as many as a quarter still received financial help from their parents. Of those, 70 per cent felt “indebted” to their parents and wanted to pay them back in some way or another.
Photo by amslerPIX via Flickr under a Creative Commons licence.
April 10, 2017
Categories: Family Life