Mums and dads in the UK are spending a collective £2 billion each year to cover the cost of their children’s motoring, a new survey by Kwik Fit has revealed.
The research found that 59 per cent of parents with children aged 17-25 help out with motoring bills, and contribute £381 a year on average. Ten per cent of parents were rather more generous, parting with a cool £1,000 per annum.
The bulk of parental contributions go towards learning to drive, with the cost of lessons and the tests themselves often proving prohibitively expensive for young drivers to manage themselves.
However, the support doesn’t end when a child passes their test, with 15 per cent of survey respondents contributing towards the cost of keeping a car on the road, particularly with the excessively high insurance premiums that young drivers suffer.
Eleven per cent of parents even dipped their hands into their pocket to pay for accident repairs when their offspring inevitably wrapped their car around a tree.
One in five young drivers is particularly lucky, with parents either contributing to the cost a first car, or paying for it entirely.
The survey also revealed that mothers tend to be more generous when it comes to their child’s car, with the average mum contributing £396 a year compared to £367 from the dads.
It’s not just young drivers who are a burden on finances either. A staggering 40 per cent of parents admitted to covering costs for children aged 26-30, with a third of parents continuing to bank roll them past the age of 31.
Roger Griggs, Kwik Fit communications director, said: “Becoming a motorist and passing the driving test is exciting, but it can also be expensive, particularly for young people who are unlikely to have much in the way of spare income.
“There’s often a temptation to cut corners to help bring costs down but this is likely to be at the expense of safety, so it’s good to see parents are keen to help cover these costs.”
Do you help with the cost of your child’s motoring? Let us know in the comments section below.
June 22, 2015