There might be hope at the end of the financial rainbow. When the kids leave the house, it actually does help with the bottom line. Families save an average of £257 a month with each kid that leaves the house. Those in London actually save £676 a month typically for food, fuel and utility bills.
These statistics come from a survey of 1000 parents by the insurance firm RIAS. RIAS found, however, that many parents still foot the bill for their kids, thus missing out on this savings.
As RIAS managing director Peter Corfield said, “When children leave home for the first time, especially for university, it can be an emotional and difficult time for parents as they watch them head off to start a new chapter of their life. However, it’s interesting to see that for some parents this can give them a new lease of life. The extra disposable income allows them to enjoy more luxuries such as holidays, and dining out more.”
He added, “There is also a very practical side as well, with an ageing population some parents are also ploughing these savings back into planning for the future and enjoying their retirement more.”