You are here: Home - Saving & Banking - News -

Adults give hand outs to parents

Written by:

Adult children have given an average of £6,500 to their parents since they turned 18, collectively amounting to £11bn, according to Scottish Widows.

Research from Scottish Widows found that more than one in 10 people have given their parents financial assistance five times or more during their adult life. Of those parents who have borrowed money from their adult children, more than a third said they used it to pay off debt and one in seven spent it on a car.

Anne Young, savings expert at Scottish Widows said: “It’s obvious that parents have felt the pinch as a result of being ‘sapped’ for thousands of pounds from their adult children, and are now turning the tables on them.

“As the figures show, hand outs are increasingly being used to provide an emergency loan, or to pay off debt. Parents and children can protect themselves against this situation by putting small amounts of money often into a tax efficient savings vehicle such as an ISA.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
FEATURE: Bills, bills, bills

Direct Debits may have made it easier to organise your finances, but there is still a risk of incorrect billing....