New research from Gocompare.com reveals that parents will spend on average, £1,093 getting their kids kitted out for work and helping with travel and other associated costs.*
One thousand parents of 16 to 19 year olds were questioned about the financial help they expected to provide their children to support them in their first year of work. 72% of those surveyed thought that their children starting work would cost them up to £1,000, while 29% expect to fork out in excess of £1,000.
Travel costs (37%) and suitable work clothing (35%) topped the list of parent's anticipated expenditure followed by their child's mobile/smart phone and bill (27%). A fifth of parents think that they will have to help their child with buying a car during their first year of work and 17% expect to contribute towards insuring the car.
However, once their offspring settles into work, many parents expected their children to be more financially independent:
- 68% of parents expect their children to buy their own clothes
- 67% of parents expect them to pay their own mobile phone bill
- 56% thought their children should make a contribution toward the household bills
- 52% expect a contribution towards food and drink
- 48% thought they should pay for their own holidays
- 48% expect their kids to pay for their own car running costs including petrol, maintenance, tax and MOT
- 42% expect them to buy their own car insurance
- 39% expect them to pay for their own car
Commenting on the research Claire Peate, customer insight manager from Gocompare.com said, "Starting your first job can be both an exciting and a nerve-wracking experience and as most workers are paid in arrears, many new recruits face upfront expenses such as clothing and travel costs. Our survey suggests that while many parents are happy to financially support their children in their first year of work, they expect them to be more independent as they become regular wage earners.
"For young people faced with paying for their own bills for the first time, comparison websites can help them make their money go further by helping them find the best deals on mobile phone tariffs and insurances."
Notes to editors:
*On the 3rd to the 11th of June 2013, OnePoll surveyed 1,000 randomly selected parents of 16 to 19 year old children.