The Importance of Planning Ahead: Grown-Up Kids Cost Parents £43,190

Apr 4 2011 by Cameron Hay, Paisley Daily Express

GROWN-UP kids will cost their parents almost £44,000, a new study suggests.

Parents in Paisley are being hit in the pocket by those aged 18 to 30 for weddings, university fees, rents and a deposit for a home.

However, the study conducted by the Coventry Building Society suggests many mums and dads with kids of school age underestimate the amount they will be expected to pay out for when their children hit adulthood.

Figures suggest the average parent with children of school age or under expects to pay a maximum of £29,060 for their children during their adult years, falling £14,000 short of the actual total.

And one in five parents with kids under 18 admit to having saved no money – while 62 per cent have saved £1000 or less.

Rachel Haworth, head of marketing at Coventry Building Society, said: “It’s easy to think that children will grow up and be able to support themselves, but in today’s society it’s likely they will need some help.

“We would encourage all parents to get into the habit of putting money aside every month to help prepare for the big events in their children’s lives.”

For more information on the Family Saver account, visit www.thecoventry. co.uk/familysaver