Cost of supporting families revealed
Sep 28, 2006
Working Britons are spending almost £10,000 a year on supporting their families, new figures reveal.
Research from engage Mutual Assurance found that having children reduces parents' personal spending money by 39 per cent, with the average family breadwinner spending £804 a month supporting their family and only £85 on themselves.
However, it is parents aged 45 to 54 with children approaching adulthood who are spending the most on their families, at £1,017 per month, some of whom may choose to take out a secured loan on their property in order to fund larger costs.
Although many parents are still supporting their grown-up children, life becomes cheaper when children move out of the family home, with average outgoings falling from £1,018 to £699 a month.
Parents with children under 25 spend on average almost twice as much supporting their families with those with children over 25.
A 3GB spokesman for the company said their research highlighted the changing needs of modern families and that major financial sacrifices are being made which affect lifestyle expectations and often leave the breadwinner with just half of their monthly income.
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