Helping the next generation

Enables’ experienced IFA’s in Bishops Stortford and Saffron Walden know that the reported cost of bring up a teenager can amount to more than the average UK salary. The Cost of Youth report put together by Aviva found that the money spent providing for  teenagers aged from 13 – 19 topped the average salary which is just £26,104, and that  ‘Sweet 16’ was the most expensive year, seeing parents forking out over £4,800 a year.

These costs did not include household expenses, like food and utility bills, but were related to birthdays and 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).

Over a third of parents said they have sacrificed retirement savings to meet these costs and 37% said they have stopped going out so that they could give money to their teenagers. Half of the parents said they have dipped into savings or relied on credit cards or loans for their teens. But only half of the parents surveyed said they have taught their children about budgeting, banking or how savings accounts work. At Enable our IFA’s know it is never too early to start teaching your children about managing their money.

http://www.mummymoneymatters.com/2016/08/teens-cost-parents-more-than-the-average-uk-salary/

Issued by: Enable Independent Financial Life Planners • 
25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
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