Teenagers tear into the savings
Teenagers make the strongest inroads into their parents' savings, a new survey demonstrates.
The average parents face a yearly expense of £3,328 as a result of providing for their 16-year-old offspring, according to figures obtained by Maestro and Family Circle magazine.
Working out at £64 a week, this cost puts the age group narrowly above 11-15-year-olds, who force £62 in bills, and strongly in excess of babies, whose needs demand £40.50 over seven days.
Providing food for children exerts a weekly toll of £22, making it the largest single constituent in the total sum of £43,056 paid for each child up to the age of eighteen.
'The total is almost twice the national average household take home pay, meaning workers in the average family will spend two years working to cover the cost of each child,' commented Nigel Tuner, marketing director at Maestro UK.
Moreover, just one parent in three expects their children to be financially independent by 18, with the majority of parents called upon to assist the purchase of a car (70 per cent), the payment of university fees (80 per cent), and the first deposit on a house (44 per cent).
Despite the cost, 96 per cent of parents said they had no regrets and were happy to help their children out. | 
