There comes a time when grown-up children become financially independent and begin picking up some of the bills and treating their parents.
A new study from TopCashback.co.uk reveals children in the Midlands spend £1,020 each year to show their parents their appreciation.
Each year adult children in the Midlands spend £614 treating their mum. This includes £181 on unprompted gifts, £44 on Mother’s Day presents, £76 for Christmas and £62 on her birthday. They also spend £66 treating mum to dinner and £107 taking her on holiday. Then there is an additional £78 spend while running errands and helping with odd jobs around the house.
Yet when it comes to dads, children are a lot less flash with their cash, spending just £406. This includes £122 on impulsive gifts, £37 on Father’s Day presents, £48 for Christmas and £42 on his birthday. Children in themidlands spend £44 treating their dad to dinner and £68 taking him on holiday. Finally, £45 is spent on errands and jobs that need doing at home.
Despite the expense, the vast majority (96 per cent) of people are happy to spend the money on their parents with 83 per cent thinking it is a nice thing to do and nearly three in five (59 per cent) wanting to show appreciation for raising them. Ten per cent of consumers in the midlands treat their parents purely because they are wealthier and eight per cent feel guilty for not spending enough time with them.
Interestingly, nationwide spending on parents peaks when children are in their 20s £1,571 a year. This coincides with more than two-fifths (44 per cent) of people believing they should start paying for dinner instead of their parents when they are in their 20s. However, children in their 30s and 40s spend a lot less, possibly while they are faced with the cost of having children themselves. Spending then increases again when people reach their 50s, particularly with the amount spent on holidays for their parents.
Natasha Rachel Smith, Consumer Affairs Editor for TopCashback.co.uk, said: “Naturally we all want to treat our parents when we can. However, when people become a part of the sandwich generation, faced with the cost of bringing up their own family while also supporting their parents, finances can become very stretched. When it comes to treating parents, birthdays and Christmas, shopping around for the best deals and earning cashback where possible allows for costs to be reduced while also showing your appreciation.”