Brits Spend £10,339 on Others Annually
Supporting adult children and elderly parents is cost Brits £10,339 a year, new research shows.
According to Scottish Provident’s Financial Safety Net Report, British adults typically spend on average £10,339 a year financially supporting dependents.
Around 15.2 million Brits are currently in this situation, having people that rely on them financially who cost them on average two fifths of their gross income.
“With such a high proportion of an earner’s gross income spent on those that they care for, it is vital that financial providers are protected so their dependents also have a robust financial safety net in place,” said Susan Barclay, Scottish Provident, head of marketing.
“There has been a rise in recent times of what is dubbed the ‘sandwich generation’ – people who have both children and elderly parents financially reliant on them.”
Less than half of those who are financially responsible for people like their children, their parents, siblings or a partner have any form of life insurance to protect them should this main source of income be lost.
Four percent of Brits have a mother dependent on them for financial support while three percent have a father dependent on them.
Budgeting for Childcare Costs
Parents this Easter also have to budget for the cost of entertaining their kids over the extra bank holiday weekend this year.
LV= predicts parents will be set back an estimated £3.5 billion in total, spending £267 per child over the break.
The extra bank holiday for the Royal wedding is estimated to add £206 million to the cost of looking after and entertaining children, an unaffordable expense after the nation is just coming to terms with tax increases.
If you are concerned about finding the funds to make this Easter break fun for the whole family, you could try using a prepay money card to help you budget your funds. This could prevent you from spending more than you can afford.