There's a great scene in Ron Howard’s film Parenthood where Jason Robards (playing Frank) tells Steve Martin (Gil), that you never stop being a parent, even when your kids are old enough to be parents. And for a lot of us, that includes helping with money.
A new study on Mirror.Co.UK looked at the top things, parents help pay for even when their kids are grown up and according to the results, the average parent spends over four grand a year on their adult children.
Some parents have gone so far and taken second jobs, started working again, or even delayed their retirement to scrape together the extra money needed. As well as funding major purchases like first homes and holidays, parents are even covering everyday spendings like food and household bills.
And the ongoing coronavirus pandemic isn’t helping either...
The past year has also seen 13 per cent stepping in after the Covid pandemic left some children in a tough financial situation.
Here are the top 25 things, parents help their kids pay for as adults:
1. Food shopping
2. Household items (cutlery, clothes, desks, cupboards, chairs, etc)
3. Looking after the grandchildren
4. Bills (mobile phone, internet, water, gas, etc.)
5. Emergency bills
7. Buying them a car
8. House rent/mortgage payments
9. Deposit for a new home
10. Buying their first home
12. Bank/savings account
13. School/university trips
14. Renovations / DIY costs
15. Car insurance
16. Dentist/doctor appointments
17. Tuition fees
18. Providing for their pets
|19. Childcare costs for the grandchildren
20. Student loan
22. Travel insurance
|23. Sport activities
24. Health insurance