Cash point parents providing more support than ever to grown up children
- 80% of young adults receive some form of financial support from their parents, compared with 61% during the 1980s.
- Two in five (38%) receive help from their parents with day-to-day living expenses.
- University education, buying a home and helping with the cost of getting married, are all considered essential for maintaining a family’s standard of living.
- UK seeing an emergence of ‘cash point parents’, who provide relatively high levels of financial support to grown-up children, but have little power and influence over their child’s life.
Greg Coughlan, Head of Savings at Lloyds TSB comments:
“Much has been said about the bank of mum and dad in relation to the cost of getting on the housing ladder, but it is clear that young adults rely on financial support from their parents for a lot more than this, including day to day items. What’s more, this support means that parents are getting a greater say in the life choices their children are making, therefore have a greater influence on family life.”
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