The Bank Of Mum and Dad is often thought of as a bottomless pit of financial assistance for children needing a leg up after they’ve ‘flown the coop’ – but a third (33%) of parents have been under financial pressure as a result of bailing their children out financially.
Over half the parents Experian surveyed last month said their children (aged 18+) have ‘used’ the Bank of Mum & Dad an average of four times – and to the value of £6,000 – since becoming financially independent.
Some recent findings have also shown that parents will provide £5bn this year to help offspring on to the property ladder.
The slippery road to financial independence
Our research found that 41% of parents were called upon as their child had no savings to cover for an unforeseen expense, with almost a quarter (24%) admitting that their child is simply bad at managing money and ran out of money. 15% of children had to ask for help as they had got themselves into a debt they couldn’t afford to repay. Continue reading