Parents 'still supporting adult kids'

05/09/2008

Many parents are spending big on their adult children, research from Liverpool Victoria revealed today.

According to the study, parents typically shell out around £21,540 on their offspring, after he or she turns 18.

Shockingly, the insurer also found that even the over-70s were not immune to this drain on finances - with 46 per cent still helping their children financially.

The 'bank of mum and dad' spending was also revealed as a relatively recent phenomena, with just 29 per cent of today's parents having received such support from their own family after they left school.

Nigel Snell, communications director at the insurer, commented: "Parents certainly like to financially contribute, if they can, towards large purchases for their adult children, such as weddings and deposits for first homes.

"However, it seems that the current economic climate is impacting on day to day finances too. Parents are the hardest hit, with a large proportion admitting that they are helping to cover their children's living expenses, as well as meeting their own financial commitments."

Tags; Income Worries and Debt, Young Family Finances, Retirement Money Problems, Credit Card Lifestyle,

Regional Debt Advice; Debt Advice Liverpool,

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