‘Sweet 16’ is a bitter pill for parents to swallow
THE “tricky teens” can be tough on parents’ wallets.
Gadgets like mobile phones, tablets and laptops are all now teenage essentials.
And the age of “sweet 16” seems to be a particular financial pressure point.
Research from Aviva suggests parents now typically spend more than £28,000 raising a teenager.
Excluding household costs such as food and energy bills, parents put the average cost of raising a son or daughter from the age of 13 to 19 at £28,767.
While mums and dads say they spend an average £4100 a year raising a teenager, the burden rises to £4800 for a 16-year-old.
So what makes the cost so high?
Aviva took into account birthdays and special occasions, holidays and gap years, food and drink outside the regular supermarket shop, clothing and pocket money.
It’s clear many parents feel under pressure to open their wallet.
Almost half (45%) of parents with teenagers feel compelled to spend more on them, with the biggest source of pressure coming from the youngsters themselves, the research found.
And if applying the pressure on parents doesn’t work, making them feel guilty for not spending more is another popular teenage tactic.
So how can parents create better relationships with teenagers where money is involved?
Here are some tips from Louise Colley, customer propositions director at Aviva:
Talk to them about managing their finances, making sure they know the basics of budgeting, particularly before key milestones such as moving away from home for university.
Encourage them to put money aside every month and take responsibility for managing their own cash.
Be open about the family’s finances, particularly as teenagers get older.
Plan ahead. If they aim to go to university, make sure they understand how much money they will receive and how to make this last.