Parents provide support for adult children

By MoneyhighStreet Staff. Published on November 19, 2008 This post currently has no comments.

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Parents are providing financial support for adult children well above the age of 25, according to new research.

Figures from Engage Mutual show that over 25s are relying on parents for help with mortgage and loan repayments, as well as further education costs and savings.

Some 46 per cent of parents said that they have helped their adult children with mortgage repayments over the past six months.

A further 23 per cent have helped their children to pay off student loans and cover the cost of further education.

Parents are not only contributing to debt repayments, but are also helping their children save. One in ten of those parents polled said they have added money to their children''s savings accounts over the past six months.

Nick Breton, spokesperson for the company, explained: "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."