Banking on mum and dad
Parents are continuing to support their children into their mid-20s, new research from engage Mutual Assurance has revealed.
The latest 3GB (Three Generation Britain) research from engage Mutual Assurance canvassed the opinions of over 2,200 people, and found that millions of parents were still supporting their offspring after they reached 18 – whether they remained in the family home or not.
Additionally, almost a half of parents with children over the age of 25 were helping them to cover basic living costs. Some 46 per cent of parents with children over 25 living away from home and 42 per cent with over 25s living at home had also bankrolled their grown up kids in the last six months.
The mutual assurance firm said the results highlighted the emergence of a dependent generation of over 25s who were ‘banking on mum and dad’ to cover a range of living costs, from day-to-day expenses, such as servicing debts and childcare, through to their first home purchase.
Karl Elliott, spokesperson for engage Mutual Assurance, said: “In modern Britain, grown up children are not only turning to parents for one off handouts, but support for everyday expenses well into adulthood. This news should send clear messages to parents of younger children about the importance of saving little and often in the early years, to spread the impact on the family budget and to ensure that their child’s needs don’t affect their future independence.”