Seven in ten motorists aged between 17 and 24 have relied on financial support from their parents to help cover their motoring costs in the last year, according to research.
Parents have contributed an average of £780 in the last 12 months to keep their kids on the road, according to Compare the Market, with half of young drivers saying their jobs would suffer without the support.
More than half of parents were said to have financially supported their young drivers in the first year since passing their test, with over a quarter contributing well into their second year on the road.
Seven in ten parents have contributed financially to their child’s motoring costs in the last 12 months – as three in five young drivers said they don’t feel guilty asking for financial support
Around one in ten parents were also said to have paid for their child’s petrol, insurance, or general motoring costs for three or more years since passing their tests.
The Tank of Mum and Dad report by Compare The Market highlights just how dependent young drivers are on their parents to help them pay for insurance, petrol, repairs and motoring taxes during the cost of living crisis.
The most common cost that parents helped to cover was car insurance – as the report revealed the average parent contributed £270 towards their child’s bill.
The average cost of car insurance for 17 to 24 year olds stands at £1,156 for the full year, £450 more than the UK average, currently at £704 per year.
This means some parents are paying more than a fifth of this annual expense.
Repairs and maintenance costs are the second most common financial contribution, costing parents £197 a year, followed by fuel which costs parents around £176 and then vehicle taxes and MOTs costing £131 a year.
In addition, 46 per cent of parents said that they helped their children purchase their first car – contributing an average of £2,514.
The research also shows that for many young drivers, their careers lean on parental support, as over half (53 per cent) said their jobs would suffer without the financial motoring help from their parents.
In addition, 48 per cent of young drivers said their social life would suffer without access to a vehicle and financial support from parents, while 39 per cent added that they would struggle to see their family without that support.
But, as the cost of living continues to rise, many parents are finding it difficult to help finance the running costs of their child’s car.
Half of young drivers said that without financial support from their parents their social lives would suffer, as parents reportedly pay around £780 a year towards the cost of their kids’ cars
Nearly six in ten parents agree that having to support their child with costs associated with their car is a ‘financial burden’ on them, while half of parents added that they don’t expect their children to be able to pay them back.
Young drivers are also said to be very reluctant when it comes to receiving the support in the first place.
Three in five said they feel guilty asking their parents for financial support to run their car when their parents are also struggling with the cost of living crisis.
Julie Daniels, motor insurance expert at Compare The Market said: ‘It would be difficult for many people to comprehend how they would get by without a car. It gets us to work and to see our friends and family.
‘However, our figures show that for many drivers, the cost of running a car is becoming impossible.
| Percentage of parents | Average amount contributed | |
|---|---|---|
| Insurance | 48% | £277 |
| Fuel costs | 43% | £176 |
| Maintenance | 32% | £197 |
| Vehicle tax | 31% | £131 |
| Total | 70% | £781 |
‘A concerning proportion of young people rely on the generosity of family members to stay on the road, placing a considerable financial burden on those supporting them.
‘It also means that, if costs continue to rise, some of those who can’t rely on parental support may not be able to get to work.
‘Compared to other age groups, young drivers tend to pay a lot more for their car insurance. However, there are a few ways that they could save money.
‘It is a good idea to shop around and compare policies to see if there is a better deal available. Switching to a telematics policy may be a good option for young drivers to consider, as well as adding an experienced named driver to their policy.
‘However, young drivers should take care to avoid fronting. This is a type of insurance fraud, where a more experienced driver claims to be the main driver of a car, when in fact they’re not.
‘Finally, a quick and easy way for any driver to find a great deal ahead of their renewal can be by signing up to automated car insurance renewal quotes.’
