27 is the age parents expect their children to stop relying on them for money: survey

Most parents think that their children should be financially independent before turning 30, according to a survey by the Yorkshire Building Society.

On average, respondents said 27-and-a-half was the age they expected their children to stop relying on them for money.

The poll found 40% of parents expect financial independence between ages 24 and 30, while 25% expect it as early as 18 to 24.

Others foresee a longer timeline, 13% think their children will reach financial freedom between 31 and 35, and 5% believe it could be closer to 40. A small minority, 1%, predict the milestone will not be reached until age 50.

More than a quarter of parents expressed concern that their children will face greater financial challenges than they did, with 48% fearing home ownership will be unattainable for the next generation. The study also showed that 78% of parents regularly provide financial support, averaging £10.50 per week, often in the form of pocket money or payment for chores.

Pete Lewis, senior savings manager at the building society, said parents dream of their children having “a home they feel safe in, the ability to choose a job they love, and the confidence to manage whatever life throws at them,” but worry that rising costs and economic uncertainty may stand in the way.

The report advises parents to help their children build financial literacy early, such as by opening bank accounts, setting savings goals, and considering long-term investment options.