Parents feeling debt worries when assisting children

Wed, 27 Jun 2012

Parents in the UK may be increasing their worries by insisting they continue offering financial support to their adult children.

This is the suggestion of new research from LV=, which found around 4.4 million grown-up kids are still being offered monetary assistance from their mother and father.

And according to the findings, 42 per cent of mums and dads providing financial help to their offspring are struggling with their own cash flow as a consequence.

Despite this, those questioned admitted they are happy to see their own finances dwindle if it means their children will have their money problems eased.

A further 12 per cent said they were not happy to see their own debt worries mount in this way, but claimed they feel obliged to assist their kids anyway they can.

Mark Jones, head of protection at LV=, noted: "Bringing up a child is expensive and for millions the cost doesn't stop there. Young people are leaving university with large debts [and] youth unemployment is at a record high."

He added the number of adult children turning to their parents for help is unlikely to drop anytime soon.
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