Parents' money goes on the kids
18/09/2006
Parents spend more money on their children than they do on themselves, new research reveals.
The average family breadwinner spends nine times more on supporting their loved ones than they do on items for their own use, according to engage Mutual Assurance.
Further findings show that parents with children under the age of 25 spend an average of 39 per cent less on themselves than under-25s who do not have a family of their own.
These parents spend around £75 a month on items such as clothes and personal grooming equipment, as well as going out, compared to the average adult under the age of 25 who spends £123 a month.
Karl Elliot, 3GB spokesperson for engage Mutual Assurance, says "As our 3GB research highlights, meeting the changing needs of modern families means making major financial sacrifices which affect lifestyle expectations and often leave the breadwinner with just half of their monthly income."
He adds that it is important to begin a savings account at the earliest possible moment in order to cater for the needs of a family.
"Regularly investing small amounts in tax efficient accounts means savings can build up over time without paying more tax than is necessary," Mr Elliot advises.
Parents of students starting university this year will be expected to invest more money in their offspring following the introduction of top-up fees of up to £3,000.
The average family breadwinner spends nine times more on supporting their loved ones than they do on items for their own use, according to engage Mutual Assurance.
Further findings show that parents with children under the age of 25 spend an average of 39 per cent less on themselves than under-25s who do not have a family of their own.
These parents spend around £75 a month on items such as clothes and personal grooming equipment, as well as going out, compared to the average adult under the age of 25 who spends £123 a month.
Karl Elliot, 3GB spokesperson for engage Mutual Assurance, says "As our 3GB research highlights, meeting the changing needs of modern families means making major financial sacrifices which affect lifestyle expectations and often leave the breadwinner with just half of their monthly income."
He adds that it is important to begin a savings account at the earliest possible moment in order to cater for the needs of a family.
"Regularly investing small amounts in tax efficient accounts means savings can build up over time without paying more tax than is necessary," Mr Elliot advises.
Parents of students starting university this year will be expected to invest more money in their offspring following the introduction of top-up fees of up to £3,000.
