message to display in fancybox
Read more Home page

Join us on

MMM Blog Join us on Twitter Join us on Facebook Join us on YouTube

TOTS100 - UK Parent Blogs


Teens cost parents more than the average UK salary

Raising a teenager costs a whopping £28,767 – more than the average UK salary.

A report by Aviva – The Cost of Youth – found the bill for teenagers (age 13 – 19) topped the average salary which is just £26,104, and that  ‘Sweet 16’ was the most expensive, milking parents out of £4,800 a year.

Over a third of parents said they have sacrificed saving for retirement to meet these costs and 37% said they have stopped going out so that they can give the money to their teenagers instead.

Some parents have even cut back on spending on themselves such as clothing or haircuts – 19% said they make do without a haircut to save the money. Half of the parents said they have dipped into savings or relied on credit cards or loans for their teens and over a third have had to work overtime to pay for the expenses.

Only half of the parents surveyed said they have taught their children about budgeting, banking or how savings accounts work. (See video below about how to talk to children about money and why it is important).

More than a third of parents admit that their teenagers do not know how much they earn and think it more than it actually is.

Saying ‘no’ has resulted in family conflict, with just under a quarter saying have fallen out after refusing to fund a lifestyle demand, and 17% said they have experienced some form of emotional blackmail or guilt trip.

These costs do not include household costs, such as groceries and utility bills, but are related to birthdays of special occasions, holidays, gap year travel, food and drink outside of household groceries, including school meals, essential clothing and shoes, pocket money, additional education or tutoring and technology (mobile contracts and handsets, computers, tablets).

 

Talk to children about money – one of the best lessons you can give your child!!

Leave a Comment

Send

Do you still have old £5 notes?

Old £5 notes will no longer be a legal tender after 5 May 2017 – so, if you have any, use them or bank them. Mums and dads – raid your children’s piggy boxes and bank...

Read more...

Virgin Money launches Manchester Uni...

If your child is a Manchester United fan, then they’ll certainly be attracted to Virgin Money’s new savings account for children. In a partnership with Manchester United, Vi...

Read more...

Teens cost parents more than the ave...

Raising a teenager costs a whopping £28,767 – more than the average UK salary. A report by Aviva – The Cost of Youth – found the bill for teenagers (age 13 – 19) topped...

Read more...

Reduce your grocery bill by 70% this summer!

The kids are off school and they are going to be hungry – inevitably, the next few weeks will see the cost of your weekly shop shoot up.

To help families keep the costs of food shopping down, MMM put Approved Food to the test, which can help slash the cost of shopping by as much as 70%.

There is of course one catch – the food is past or close to its sell-by date, but perfectly safe.

With a £30 budget, MMM managed to bag a fair amount – cereals, tinned food, sweets and treats, drinks and even laundry detergent and dishwasher tablets – the sort of things where you can generally ignore the date stamped on the product.

If you’ve tried reducing the cost of the grub by switching brands or shopping at discount stores but think you can do better, then try Approved Food  – you’ll be surprised at just how much you could save on some store cupboard essentials.

New products are available everyday and there are some real bargains. For example, Sprite Zero 330ml for just 29p or a 2kg Reeses Peanut jar for just £2.99. There’s even stuff for pets, at more than 50% off.

MMM was really pleased with service and surprised at just how at just how much £30 would buy (see pic above/ instagram).

Although we would like to see Approved Food cut down on the cardboard packaging, the items arrived well packed and in excellent condition.

So, if you’re looking to save a few more pounds on your groceries, take a look at Approved food – you’ll be surprised at just how good the bargains are.

 

Keep up with MMM on Twitter @MumMoneyMatters and Facebook !

 

Having a Baby

Pensions

Savings

Work & Benefits

Life & Benefits

Childcare/Schooling

Shopping

Holidays