27 ‘is typical age parents expect children to reach financial independence’

Twenty-seven is the age at which children are typically expected by parents to have stopped relying on them financially, a survey indicates.

Yorkshire Building Society commissioned a survey of 2,000 parents of children aged five to 17 years old, and found that around 27 and a half is the average age at which parents think their children will have stopped relying on them for money.

Some parents expect to remain open as the “bank of mum and dad” for a significantly longer period, potentially affecting their own plans for retirement and clearing any mortgage debt.

One in 20 (5%) believe their children will be at or approaching 40 by the time they are fully fledged financially.

Meanwhile, 1% think their child will have already turned 50 – an age when they may be considering their own plans for retirement – by the time they are no longer relying on any parental financial help.

Along with financial independence, the ability to save regularly, manage debt, and own a home by 30 are among parents’ key hopes for their children, according to the survey, carried out by Opinium across the UK in March.

More than a quarter (27%) of parents surveyed said they are “very worried” their children will face more financial challenges than they did at the same age, rising to 31% of parents aged 55 and over.

Nearly half (48%) of parents surveyed worry that home ownership will be out of reach for their children. Other major concerns include rising debt (34%), job insecurity (42%) and wages not keeping pace with living costs (38%).

Nearly four-fifths (78%) of parents regularly give their children money, often as pocket money or in return for chores, with the average child receiving £10.50 a week.

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Two-fifths (40%) of parents still use physical cash, while others use digital transfers or child debit cards, with 65% of children already having their own bank account.

On average, parents believe children should start managing their own money by the age of 10, the survey indicated.

A fifth (20%) of parents think children should start learning about money management before the age of five, while 27% suggest starting between the ages of five and seven.

The research was released to mark the launch of a limited-edition passbook cover by the building society. Children can draw or write what they are saving towards on the cardboard cover, and colour in an illustration of a pile of coins to visualise their progress. The covers will be available in branches from August 18 2025, while stocks last.

Pete Lewis, senior savings manager at Yorkshire Building Society, said: “As parents, we want the best for our children.

“We hope they’ll have a home they feel safe in, the ability to choose a job they love, and the confidence to manage whatever life throws at them. But behind those dreams is a quiet fear: that rising costs, economic uncertainty, and a lack of support will make their path harder than ours was.

“We hope to raise children who feel in control of their future, will be able to save, to plan and to make and reach their financial goals. But we fear they’ll be burdened by debt, economic pressure, and a system that doesn’t fully prepare them for the real world. That’s why conversations about money matter – not just in our homes, but in our schools and communities too.

“It’s incredibly encouraging to see so many parents taking proactive steps – opening bank accounts, setting savings goals, and starting conversations about money early. These small actions lay the foundation for lifelong financial confidence and show just how deeply parents care about giving their children the best possible start.”

Parents wanting to support their children financially could consider opening a Junior Isa for them and asking family members to chip in on occasions such as birthdays and Christmas. Some mortgages will also allow parental support to enable their adult children to get on the property ladder.

Here are the ages at which parents believe their children will become financially independent, and the percentage of parents who think this, according to the survey for Yorkshire Building Society:

18 to 24, 25%

24 to 30, 40%

31 to 35, 13%

36 to 40, 5%

41 to 45, 2%

46 to 50, 1%

50-plus, 1%

Not sure, 13%

And here are the percentages of parents who selected different age groups when asked at what age they believe a child should manage their own money and have their own bank account, according to Yorkshire Building Society:

Under five years old, 12%

Five to seven, 14%

Eight to 10, 23%

11 to 13, 28%

14 to 16, 14%

17-plus, 4%

Not sure, 5%