Baby boomers shielding kids from credit crunch

31 July 2008

People concerned about their financial future or debt management may be weathering the storm at their parents` homes, research has suggested.

According to a survey by Mintel, almost ten per cent of parents in the UK have adult children still living at home.

Seven per cent of parents receive no financial contribution from their live-in children and 23 per cent of those questioned regularly help their grown-up offspring with money.

The findings may create concern that baby boomers – those over 50 who make up a third of the UK population – are not putting money aside in case of arrears or debt problems they may face in the future.

Mintel`s consumer research manager James McCoy said some older parents may have to delay some areas of retirement planning, such as releasing equity from the sale of a home.

"And with it now becoming increasingly difficult for young adults to get on the property ladder, the trend towards kids staying at home longer is likely to continue," he added.

The over 50s are also called on for babysitting, cleaning and DIY, the study said.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).