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

Adults give hand outs to parents

0
Written by:
25/04/2008

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.”

Tagged:

Tag Box

Debt

Pension

Spending

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

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

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....

Close