Are you a parent paying for their child’s driving lessons?
If so you are not alone
A recent study by personalised number plate provider Regtransfers revealed a trend in British attitudes towards funding young adults’ driving education. Surveying 1,000 adults across the UK, the study revealed an overwhelming 87% believe parents should contribute to the costs associated with their children learning to drive.
That’s a huge amount!
But a lot felt their child should help with the costs.
One-third of respondents advocated for a balanced financial responsibility, suggesting a fifty-fifty split between parents and their 17-year-old offspring for driving lessons, while a quarter felt it should be the same when it came to purchasing their first vehicle.
I have to say I think this is a better idea.
Learning to drive is expensive!
Learning to Drive is expensive!
The cost of driving lessons ranges from £25 to £50 per hour and a recommended 45 hours to pass the driving test, the total expense of learning to drive can escalate to approximately £1,125 to £2,250.
Hard for young people to afford this.
For many young adults, this represents a significant financial challenge. The study reflects this, indicating that half of the respondents received some form of parental assistance in meeting these costs.
I guess if they didn’t they wouldn’t be driving and is so useful in so many ways isn’t it., especially in regard to work.
It never used to be this way
Among respondents who have passed their driving test, 60% of those aged 65 and above funded their lessons independently, a figure that drops to a mere 10% among the 18-25 age group.
Buying The First Car
Purchasing a first car is another key financial investment for new drivers, but the study observed a similar generational decline in financial independence, with only 20% of young adults aged 18-25 managing to buy their first car without parental support, compared to 64% of adults over 65.
I guess it’s true we are always going to be supporting our kids!
And then of course there is …..Car Insurance!
Recent news reports indicate that the average premium now stands at £995, up 52% from the previous year, at an increase of £366. Young drivers have been disproportionately affected, as their premiums have increased to £2,002 in the last 12 months by £655. The average cost of an insurance now stands at £2,877, with new drivers under the age of 17 experiencing annual rises of 98%, or £1,423.
Elliott Allen, an Independent Financial Adviser at Advanta Wealth has this to say:
“Things are tough at the moment, and the cost of independence has risen significantly over generations, meaning it’s harder to meet the many financial responsibilities we all face. The costs involved in driving lessons, buying a first car, university fees, buying property and so on have all increased at rates that exceed wage increases.’
“It is entirely individual whether parents would like to get involved in paying for their child’s driving lessons or first cars. Everyone is going to have different opinions, circumstances and values when it comes to money. For those parents who do want to help their children, the best and most simple advice is to start saving from an early age.
Commenting on the study’s overall findings, Regtransfers CEO Mark Trimbee states:
“Ultimately, how a family chooses to support one another is down to individual values and circumstances. Not everyone is going to show support in the same way, but what can be said, with certainty, is that you never forget passing your test, buying your first car and making it your own!”
A special time – only took me 5 attempts!