Adults give hand outs to parents
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.”