We all know that having kids is extremely expensive, but it turns out there’s a stage of parenting or age of our children that we feel the pinch the most.
A recent survey by financial advisors Merrill Lynch has found out the exact age parents spend the most on their kids – and the findings are very eye-opening!
The stage of parenting that is most expensive
2,500 parents were surveyed and it turns out that 72 per cent of parents say they spend twice as much on their adult children (aged between 18 and 35) than they do investing in their own retirement.
Yep, that’s right. Adult kids are more expensive than babies and infant / toddlers.
It turns out that parents are picking up the bills for big ticket items such as weddings, mortgage down payment and higher education.
60 per cent say they’ve helped pay for their child’s wedding and 25 per cent say they’ve helped pay for their child’s first home.
94 per cent say it’s worth every penny spending their money on their adult offspring
However, it’s not just the big things parents are helping pay for. 54 per cent say they pay for all or some of their adult child’s phone bill.
94 per cent say it’s worth every penny spending their money on their adult offspring, 63 per cent admit they have sacrificed their financial security for the sake of their children. 8 per cent have admitted to coming out of retirement to help support their adult children, while 14 per cent have refinanced their home.
“When emotions and money become intertwined, parents risk making financial decisions that can compromise their financial futures,” states the report.
“These financial contributions add up, and many parents aren’t aware of how much they’re spending on their adult children.”
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