Cash-strapped youngsters 'still banking on parents'

19/11/2008

Growing numbers of young Britons are turning to their parents for financial support as they struggle to become economically independent in such a tough climate.

That is according to new research conducted by Engage Mutual, with as many as 46 per cent of British parents having helped their offspring with either the cost of moving home or taking their first step onto the property ladder.

What's more, while going to university used to signal the cutting of the apron strings for the typical youngster, now around one in four students are turning to their parents for help with paying for their further education.

Commenting on the findings, Nick Breton, 3GB spokesperson for Engage Mutual Assurance said: "Our research shows that the financial connections between generations are becoming more profound. British parents are providing more financial support to their adult children who are finding it increasingly difficult to stand on their own financial feet."

Earlier this month, Credit Action reported that the average UK student can now expect to graduate from university with debts in excess of £14,000.

Tags; Housing Debt and Bills,

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