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Parents spend £900 per year supporting grown-up children

Parents and grandparents across the UK spent an average of £900 supporting grown-up children and grandchildren last year, according to new research.

They spent up to £18billion nationally, with nearly 20 percent providing full financial support..
Its research suggests that parents and grandparents go to ‘worrying lengths to financially prop up younger family members’.

For those who provided financial support in the past five years, the most common occurrence was to help with day-to-day expenses, although a third had contributed towards holidays and a quarter helped pay household bills.
Just under a fifth – 17 per cent – helped pay off debts.

More than half of those offering financial assistance to their families had to use their savings to help fund the support, while 14 per cent used a credit card.

In the majority of cases – 58 per cent – parents/grandparents had not asked for this money to be repaid . The research revealed that some 30 per cent of parents had stopped putting money into their own savings to assist their children or grandchildren, while seven per cent chose to stop contributions to their pension pot. Seven per cent even skipped paying their own household bills.

Earlier this month, the Centre for Economics and Business Research said that the cost of raising a child born in 2016 to the age of 21 is £231,843.

It said that this figure has increased by 65 per cent since 2003, when analysts first calculated the cost figures for parenthood.