Irish Wedding News
02/09/2016
A new survey has found that parents in Britain and are spending more on their children through their teenage years, than the average UK worker earns in a year.
The Cost of Youth report from Aviva found that parents will spend a total of £28,767 on their children between the ages of 13 and 19 (excluding costs such as food and utility bills). This is over £2,000 more than the average UK yearly salary – £26,104. Looking at the various teenage years, the most expensive year comes at the age of 16, costing parents some £4,800. On average, the annual spend on a teen is £4,110 a year. This is said to equate to around 16% of the average UK salary.
The main costs during the teenage years include birthdays and special occasions (£471 annually), holidays and gap year travel (£393), food and drink – outside of household groceries, including school meals (£387), essential clothing and shoes (£372) and regular pocket money (£274).
In addition, UK families spend an average of £109 per year, per teen on extra education and tutoring costs, excluding private education fees.
However, spending on teens has led to arguments among families. Some 24% of parents admitted that they have fallen out with their teenage child because they said 'no' to spending money on them. A further 17% also said they had experienced some form of emotional blackmail or guilt trip.
When it comes to spending, 53% of parents spend on technology for their teens. The most common items are mobile phone contracts (75%), mobile phone handsets (56%) and laptops (46%). In total, parents contribute an average of £225 per year towards the tech costs, but 34% also admit that they feel the time their child spends on technology is unhealthy.
In fact, parents are more concerned about the amount of time their teenager spends on technology (39%) than about the dangers of drink and drugs (37%) or exams, education and homework pressure (33%).
Elsewhere, 34% of parents say they still feel they spend more than they should on their teens, while 49% admit that they feel pressured into doing so. In order to meet the demands of their teens, over a third of parents sacrifice going out or socialising (37%) or saving money for their own future (33%), including putting money into savings and pensions.
Parents are also willing to cut spending money on their own appearance to fund their teens. While they spend £630 annually on clothing and footwear and £196 on toiletries and haircuts for their teenagers, 28% will sacrifice spending on clothing for themselves, while 19% say they will go without a haircut.
Interestingly, just 27% of parents feel that their children know exactly what they earn, leaving many with an inflated view. 31% said their children think they earn more than they actually do. Just 6% think their children underestimate this.
After the teenage years, the data from Aviva also revealed a spike in spending at age 22 to £4,185 annually. At this age, spending almost triples on motoring expenses (rising from £97 a year at 21 to £279 at 22) while holidays and other travel also increase from £122 a year at 21 to £666 at 22.
Louise Colley, Customer Propositions Director, Aviva, said: "The teenage years can be especially challenging for parents, who have to juggle supporting their children through their growing independence as well as trying to keep on top of their own finances.
"Financial pressures have changed significantly since parents themselves were teens, with mounting digital costs and the associated concerns around technology usage a prime example.
"Many parents feel pressured to overspend, and will sacrifice spending on themselves as result. This may not be such a problem when giving up a night out or a new outfit, but when saving for the future takes a hit parents are right to put their foot down.
"Few parents think their children have an accurate view of how much they earn, and there is an imbalance between the proportion of parents who believe they have good money management skills and those who actually pass on these lessons to their teenagers.
"Starting conversations about family finances in the younger years is vital to supporting their financial education and putting them in good place to manage their own money effectively in the future."
(JP/LM)
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Parents 'Spending More On Their Children'
A new survey has found that parents in Britain and are spending more on their children through their teenage years, than the average UK worker earns in a year.
The Cost of Youth report from Aviva found that parents will spend a total of £28,767 on their children between the ages of 13 and 19 (excluding costs such as food and utility bills). This is over £2,000 more than the average UK yearly salary – £26,104. Looking at the various teenage years, the most expensive year comes at the age of 16, costing parents some £4,800. On average, the annual spend on a teen is £4,110 a year. This is said to equate to around 16% of the average UK salary.
The main costs during the teenage years include birthdays and special occasions (£471 annually), holidays and gap year travel (£393), food and drink – outside of household groceries, including school meals (£387), essential clothing and shoes (£372) and regular pocket money (£274).
In addition, UK families spend an average of £109 per year, per teen on extra education and tutoring costs, excluding private education fees.
However, spending on teens has led to arguments among families. Some 24% of parents admitted that they have fallen out with their teenage child because they said 'no' to spending money on them. A further 17% also said they had experienced some form of emotional blackmail or guilt trip.
When it comes to spending, 53% of parents spend on technology for their teens. The most common items are mobile phone contracts (75%), mobile phone handsets (56%) and laptops (46%). In total, parents contribute an average of £225 per year towards the tech costs, but 34% also admit that they feel the time their child spends on technology is unhealthy.
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In fact, parents are more concerned about the amount of time their teenager spends on technology (39%) than about the dangers of drink and drugs (37%) or exams, education and homework pressure (33%).
Elsewhere, 34% of parents say they still feel they spend more than they should on their teens, while 49% admit that they feel pressured into doing so. In order to meet the demands of their teens, over a third of parents sacrifice going out or socialising (37%) or saving money for their own future (33%), including putting money into savings and pensions.
Parents are also willing to cut spending money on their own appearance to fund their teens. While they spend £630 annually on clothing and footwear and £196 on toiletries and haircuts for their teenagers, 28% will sacrifice spending on clothing for themselves, while 19% say they will go without a haircut.
Interestingly, just 27% of parents feel that their children know exactly what they earn, leaving many with an inflated view. 31% said their children think they earn more than they actually do. Just 6% think their children underestimate this.
After the teenage years, the data from Aviva also revealed a spike in spending at age 22 to £4,185 annually. At this age, spending almost triples on motoring expenses (rising from £97 a year at 21 to £279 at 22) while holidays and other travel also increase from £122 a year at 21 to £666 at 22.
Louise Colley, Customer Propositions Director, Aviva, said: "The teenage years can be especially challenging for parents, who have to juggle supporting their children through their growing independence as well as trying to keep on top of their own finances.
"Financial pressures have changed significantly since parents themselves were teens, with mounting digital costs and the associated concerns around technology usage a prime example.
"Many parents feel pressured to overspend, and will sacrifice spending on themselves as result. This may not be such a problem when giving up a night out or a new outfit, but when saving for the future takes a hit parents are right to put their foot down.
"Few parents think their children have an accurate view of how much they earn, and there is an imbalance between the proportion of parents who believe they have good money management skills and those who actually pass on these lessons to their teenagers.
"Starting conversations about family finances in the younger years is vital to supporting their financial education and putting them in good place to manage their own money effectively in the future."
(JP/LM)
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