New research has exposed the extent to which British drivers are leaning on their parents to afford the soaring costs of motoring, with the 'Bank of Mum and Dad' proving to be a crucial financial lifeline.
The Financial Lifeline for UK Motorists
A comprehensive study from Autotrader has found that a staggering one in three UK drivers has required parental financial support to cover their car running costs within the last year. This reliance on family help highlights the growing economic pressure facing motorists across the country.
On average, this support amounts to a substantial £411 per year per driver. The research further breaks down the contributions, showing that the majority, 63%, receive between £100 and £499 annually. A significant one in five motorists gets even more, with support ranging from £500 to £999, while a small but notable 2% receive over £1,000 every year from their parents.
Regional and Demographic Breakdown
The need for financial assistance is not evenly spread across the UK. The city where drivers need the most help is Leeds, where parents contribute an average of £487.47 per year. Birmingham follows closely in second place, with an average annual contribution of £465.48. The capital, London, takes third spot, with parents giving an average of £420.13 to help with motoring expenses.
Unsurprisingly, younger drivers are the biggest recipients. Gen Z motorists aged 17-24 receive the highest average sum of £432.71, with 25-34-year-olds not far behind at £428.94. However, the data reveals that this financial dependence is not exclusive to the young. Even 35-44-year-olds receive a significant £373.88 on average, proving that the parental safety net often extends well into adulthood.
The study also noted a slight gender disparity, with men reporting marginally higher average contributions (£424.33) compared to women (£397.61).
Expert Insight and Cost-Saving Advice
Erin Baker, a car-selling expert at Autotrader, commented on the findings, stating: “For many younger drivers, getting behind the wheel is becoming increasingly expensive, and it’s clear that the ‘Bank of Mum and Dad’ is keeping a large part of the nation on the road.”
She highlighted that 70% of those who receive help feel grateful, dispelling any notion of entitlement and instead pointing to a genuine struggle with rising costs. Baker also noted the emotional impact, with embarrassment being a significant factor for many.
With insurance premiums, fuel prices, and maintenance costs all climbing, Baker suggests drivers consider if their current car is the most economical choice. “Sometimes, moving to a newer or more efficient model, not necessarily brand new, but one with better fuel economy and lower repair risks can save money in the long run,” she advised. Exploring options like selling an older car or using flexible finance could make a substantial difference to monthly budgets.
