Parents being helped out financially by children, study says

1 December 2008

A new study has found that a significant number of parents in the UK are in receipt of financial assistance from their children.

Conducted by Engage Mutual, the research suggests that 78 per cent of 18 to 24-year-olds are helping out with their parents` utility bills.

This represents an increase of 50 per cent compared with last year.

Meanwhile, it was also found that average amount such people gave to their parents was £422 over the last six months.

"As financial pressures grow, family generations are increasingly turning to each other for support in making ends meet. Our research has shown that many young Britons are sharing the burden," stated Karl Elliott of Engage Mutual.

Recently, Scottish Widows published research which suggested that adults who have children are more likely to be in debt.

According to the firm, people with dependent offspring carried over an average of £9,359 in short-term debt over the last three months, compared with £7,223 for consumers who lacked such responsibilities.

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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).