Parents prop up older children's finances
Sep 25, 2006
The days when parents could look forward to ceasing to support their children financially once they had flown the nest may be over, new research suggests.
A new study by Mutual Assurance has found that nearly half of mums and dads with children aged over 25 are still helping their kids to pay for basic living costs, even when they have moved out of the family home. Almost a quarter of parents had forked out money to help with running costs for their older child's home, to finance their deposits and mortgages, or to cover their home improvements in the past six months.
Around five per cent of parents of over 25-year-olds were found to be still funding their son or daughter's education and coupled with rising prices for necessities such as energy bills, some parents may choose to take out a personal loans to cover extra costs. With recent reports showing that parents are paying an average of £18,000 to help their children buy their first home, these results reveal a huge shift in responsibilities across the generations, said Mutual Assurance.
They went on to say that in modern Britain, grown up children are not only turning to parents for one off handouts, but support for everyday expenses well into adulthood.
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