A new study shared by the private number plate company Regtransfers has found that 87 percent of motorists believe parents should pay towards their children’s driving lessons.
In a survey of 1,000 motorists from across the UK, some 22 percent of drivers aged between 18 and 24 highlighted their belief that learners should not have to pay at all for their lessons.
Elliott Allen, an Independent Financial Adviser at Advanta Wealth, noted that the cost-of-living crisis has caused learners and parents alike to struggle to afford driving lessons.
He explained: “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 a property and so on have all increased at rates that exceed wage increases.”
According to the RAC, the average cost of an hours driving lesson in the UK is between £25 and £30, with motorists typically needing 45 hours before they are prepared to take their test.
With the price of a theory test being £23 and a practical driving test costing up to £75, that means the typical learner pays nearly £1,450 to pass their test.
In addition, learners will need to cover insurance costs, both for a provisional licence and upon passing their test, tax and on some occasions their own vehicle.
Elliot also highlighted that the best way to make sure that learner drivers are covered for their lessons is by putting money aside in the run up to applying for their provisional licence.
He advised: “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.”
To assist with saving the money, Elliott urged parents to set up a Junior ISA, which their child will not be able to take money from until they turn 18.
He continued: “There are products on the market, such as a Junior ISA, which parents can contribute towards. Once your child turns 18, they will have access to the funds, and if you’ve been contributing little and often to this fund, you will have generated a good financial platform for them.
“People can often under-estimate the value of time, and starting as early as possible gives the greatest impact of compound interest for any savers accounts available.”
