Friday, 29 April 2016

What is The Age Of Payback?

It's no secret that having kids can be an expensive business, all things considered but do you ever stop and wonder at what age you'll cease to be financially responsible for your children?

I have to admit, in my mid-30's I still have times when money is tight for various reasons and have found myself calling upon my parents for help at least once or twice in the past year - but it's rare at least.

New research has shown that the average age of financial responsibility amongst UK families is 24 - this is the age when kids finally stop asking to borrow their folks money all the time and actually start to stump up the cash to treat their parents!

The study, which was carried out among more than 1,000 parents with children over the age of 18 also found while many parents can expect 'payback' to kick in at some point, others are not so fortunate.

26% of them are still handing over cash now and again, while close to one in five generous parents still give their 24 year olds a generous monthly allowance!

But some parents do fare much better, certainly when it comes to pay back....

Apparently 26 is the age when children are most likely to treat their folks to an all-expenses paid weekend away - yikes! Is it just me that feels a little guilty now?! I can't say I've ever done that for my parents!

And at 27, the survey shows that some kids are even sending their parents on holidays abroad!

A spokesperson for  who conducted the research said: “What’s heartening to see in the results of our survey is that kids are recreating memories from their childhood and paying back their parents by showing how much they mean to them, just as their parents did for them when they were younger." - and I have to admit, If I was thinking along the lines of repaying my parents for my childhood memories - a holiday would have to be the way to go for me too.

It's something I'd really love to be able to treat them to some day, I guess I'd better start saving!

Here's what the research showed: 

A Pint                                                                    21
A new car                                                              26
Holiday abroad                                                       27
Weekend away                                                      26
Spa day                                                                25
Night at a hotel                                                      25
Educational course                                                 25
New item of furniture                                              24
A new watch                                                         23
Item of jewellery                                                    22
New shoes                                                            23
Item of clothing                                                     22
Cinema trip                                                           22
Day out                                                                24
Meal out                                                              23
Invited over for dinner                                           25
Leant them money for their home                          24

This reseach was carried out by who partner with both international car rental companies as well as national and regional suppliers to find best rates on car hire worldwide.

At what age did you start picking up the bill for your parents, or is it something you've yet to do? I'd love to hear your thoughts!


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