Adult-dependants could be increasing debt risk

Mon, 12 Sep 2011

parents in the UK who are continuing to financially support their adult children could be increasing the likelihood of falling into by doing so.

This is because new research from Sainsbury's has revealed mothers and fathers have shelled out £34 billion in and monetary gifts for their offspring in the past 12 months.

Dubbed 'adult-dependents' by Sainsbury's Finance, these sons and daughters are part of a generation of young people costing their parents dear, with more than 13 million mums and dads revealing they still offer monetary assistance to their children.

The study showed young adults in have been handed in excess of £1.6 billion for tuition fees and living expenses, while £8.4 billion has been given to help in mortgage payments or to those requiring help with living arrangements.

Helen Williams, head of Sainsbury's Life Insurance - which aims to protect families and - said a combination of "rising university and living costs, a tough job market and a difficult climate for means children are staying, to some extent, financially dependent on their parents".
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