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Adults 'relying on parents' cash'

Friday October 25th 2013

Many adults are reliant on financial help from their parents to stay afloat, new research suggests.

Half of all adults has received cash from their parents, according to a report by the Social Market Foundation.

Around one in four (23%) low earners in the survey said they would not have been able to survive without the financial assistance from their parents.

A total of 2,565 people took part in the poll, with 55% (1,400) saying they had received money and, of that group, 52% (628) earn less than £20,000.

In terms of age groups those in the 25-34 bracket were most likely to seek funds from the so-called bank of mum and dad, with around seven out of 10 (72%) saying they had done so.

The report's author Ryan Shorthouse said the findings challenge the accepted wisdom that it tends to be only rich families giving their kids cash, saying: "Our research reveals that about half of families on low incomes receive regular financial and practical support, typically helping them to pay for everyday items, keep out of debt and make ends meet."

Copyright Press Association 2013

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