Bank of Mum and Dad

Every parent knows that having children is an expensive business. What you might not realise is how long that expense will last. A survey of Wesleyan customers showed three quarters of those with children under the age of 21 said they expected to support them financially into their 20s and beyond.

Here we look at some of the potential costs facing the ‘Bank of Mum and Dad’ over the years, as well as some of the savings and investment options available to help ease the burden.

School

Figures from the Independent Schools Council show the cost of private education for day students is now more than £200k for children starting school at five and finishing at 18. This is clearly a lot of money, but parents who would like their children to go to private school can make it more affordable by saving regular amounts each month from the child’s birth.