- According to comparethemarket.com research, one-third of parents pay for all of their child’s driving lessons – costing an average of £1,159 per child
- Two in three parents have financially contributed to their child’s driving lessons
- Across the UK, parents in Leeds are most likely to pay for all of their child’s driving lessons
- Survey shows parents contribute an average of £3,528 to their child’s first car
New research has revealed that one third (34%) of parents pay for the entirety of their children’s driving lessons, with an average cost of £1,159 per child.
68% of parents have financially contributed to their child’s driving lessons
The survey, conducted by comparethemarket.com, found that two in three (68%) parents financially contributed in some way to their child’s driving lessons. Almost half of parents funded their contribution from savings (48%), while 44% used funds from the household budget.
Parents living in Leeds, Cardiff, and London were found to be the most likely to cover the entire cost of their child’s driving lessons.
|
City |
% of parents who paid for all of their children’s driving lessons |
|
Leeds |
40.1% |
|
Cardiff |
39.8% |
|
London |
38.5% |
|
Belfast |
38.2% |
|
Manchester |
37.7% |
UK parents contribute an average of £3,528 to their child’s first car
When it comes to first cars, it was found that over half (54%) of parents admit to helping with the cost in some way, with more than a quarter (28%) covering the entire cost, at an average of £3,528.
Two thirds (67%) use savings to help with the cost of their child’s first car. While one in ten (10%) parents borrow money to help cover the cost, using loans (5%), credit cards (3%) or money borrowed from friends and family (3%) to help meet the expense.
Parents in Cardiff and Glasgow were found to be most likely to cover the entire cost of their children’s first car, where one in three (34%) make this generous purchase, followed by parents in London (31%).
When analysing the cities that contribute the highest sum towards their child’s first car, parents in Sheffield paid an average of £4,544, over £1,000 more than the average contribution of £3,528 across the UK.
|
City |
Average amount parents contribute to their child’s first car |
|
Sheffield |
£4,544 |
|
Edinburgh |
£4,230 |
|
Birmingham |
£4,009 |
|
Newcastle |
£3,802 |
|
London |
£3,779 |
One in four (26%) parents paid for their child’s road tax in the first year
The study found that many parents also contribute to their child’s initial on-the-road costs, with 18% of parents admitting to contributing to MOT, Tax, services and fuel until their child can financially afford it themselves.
Alex Hasty, director at comparethemarket.com adds: “The cost of insurance for new drivers is exceptionally high when compared to that of more experienced drivers, costing an average of £565 more than the average insurance premium.
“Therefore, it’s not surprising to see that so many parents are financially contributing towards their child’s first year of car insurance, in fact 17% of parents in a recent survey said they will continue to contribute until their child can financially afford it themself. It’s really important for new drivers to use comparison services such as ours to help find the right policy for them and to check for any potential savings.’’
To view the full research, please visit comparethemarket.com: https://www.comparethemarket.com/car-insurance/content/tank-of-mum-and-dad/