Adult children 'costing parents £30,000'

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Adult children 'costing parents £30,000'

Wed 17th Feb 2010

Adult children aged between 18 and 30 years old are costing their parents around £30,000, it has been reported.

The Children's Mutual found that parents are expecting their Yuckies (Young Unwitting Costly Kids) to cost them tens of thousands of pounds, as 93 per cent find themselves funding their grown-up kids.

As a result, 28 per cent of parents have plans to remortgage the family home and 28 per cent said that they have become more economical with the weekly food shopping.

David White, chief executive of The Children's Mutual, said: "More than half agreed that if they had known when their child was born what they now know about the cost of having an adult child they would have saved more through the years."

Many parents today have the added benefit of a Child Trust Fund to support their children after they turn 18, with The Children's Mutual stating that five million accounts will be held by the end of 2010.

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