DIY parents help kids save money
28/09/2006
British parents have added a combined total of £33.4 billion in value to their children's homes over the last five years, according to new research from Halifax Home Insurance.
This is an average of six billion pounds each year, the bank's insurance arm indicates.
Children see their parents' help as a way to save money, instead of paying for professionals to do the work; 30 per cent of children surveyed indicated this was their reason for using their parents.
Painting, wallpapering, gardening and general DIY were the most popular activities where parents' help was required, all of which would cost money by the hour if a professional was brought in to do the work.
Martyn Foulds, senior claims manager at Halifax Home Insurance, said: "It's great that parents are so keen to help their offspring increase the value of their homes.
"It's no secret that, if done well, even basic cosmetic tasks such as redecorating can add significant value to a property."
He added that if more young people learned DIY skills, they could save themselves money in the long-run.
According to the Royal Bank of Scotland, children are also using their parents to help fund their university costs, with students from Birmingham getting the most financial assistance.
This is an average of six billion pounds each year, the bank's insurance arm indicates.
Children see their parents' help as a way to save money, instead of paying for professionals to do the work; 30 per cent of children surveyed indicated this was their reason for using their parents.
Painting, wallpapering, gardening and general DIY were the most popular activities where parents' help was required, all of which would cost money by the hour if a professional was brought in to do the work.
Martyn Foulds, senior claims manager at Halifax Home Insurance, said: "It's great that parents are so keen to help their offspring increase the value of their homes.
"It's no secret that, if done well, even basic cosmetic tasks such as redecorating can add significant value to a property."
He added that if more young people learned DIY skills, they could save themselves money in the long-run.
According to the Royal Bank of Scotland, children are also using their parents to help fund their university costs, with students from Birmingham getting the most financial assistance.
