PPI Claim News - 16/3/2011
PPI refunds: Parents pay £43,190 on grown-up children
The average parent will pay £43,190 on their grown-up children to help them fund the big events in their children's lives, new research has revealed.
This may be of extra significance to consumers currently looking for PPI refunds, as they may need to help their child financially in the future.
Research by Coventry Building Society has found that there is a stark contrast between what parents believe they will have to pay for their child after they grow up compared to the reality.
It revealed that the most significant cost for parents was helping to fund a house deposit for their child, which amounted to £9,831.
Rachel Haworth, head of marketing at Coventry Building Society, said: "It is easy to think that children will grow up and be able to support themselves, but in today's society it is likely that they will need some help.
"Higher tuition fees, rising house prices and overall increases in living costs all make it harder for young people to achieve the standard things which appear on most people's life checklist."
Charles Baker
Charles is a reputed financial analyst with almost decades of experience under his belt.
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