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Parents give adult children ‘£124 a month’

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02/05/2017
Young adults receive an average of £123.60 a month from their parents to help towards living expenses, a survey reveals.

The money is used for food, mobile phone bills, clothing, cosmetics and transport, according to the research by Gocompare.com Money.

The study looked at the financial help parents of 17-25 year olds provide their children, and almost a fifth admitted that supporting them was putting a real strain on their finances and their relationship with their kids.

A quarter (23%) of parents felt their children had gotten used to a comfortable lifestyle thanks to their contribution, with 11% saying they’d paid too much money supporting them.

Some 15% of parents quizzed said they needed to reduce the amount of money they give to their children. Over a fifth (21%) were concerned that supporting their adult children was hindering their ability to save for themselves or their retirement.

Twelve per cent had not expected to still be making financial contributions to their kids.

At the other end of the scale, more than a quarter (28%) of parents wished they could do more to help their children.

Over a third (35%) said they give their grown-up offspring the odd £10 or £20 for treats, while 14% said they gave their adult kids regular pocket money.

Matt Sanders from Gocompare.com Money, said: “While it’s good to see that families are supporting each other, money can put a lot of pressure on families and parents should only give their grown-up children what they can afford. It may be that some families have got into the habit of Mum and Dad always picking-up the bill – even when their children are earning enough themselves. Money can be a tricky subject but it could be time to cut the parental purse strings if subsidising your adult children is causing financial difficulty.”

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