According to an independent study by one of the countries leading price comparison sites, the UK’s debt stricken younger generations rely heavily on the bank of mum and dad for financial support.
Unsurprisingly, almost half of all parents have provided some kind of financial relief to their offspring at some point in their lives. The study found that the most common financial burdens include personal loans, rent commitments and mobile phone bills.
In addition, almost 20% of parents admit to regularly helping their children to pay home-related bills, and astoundingly, almost 10% of parents frequently help their children to pay their home loan commitments.
One expert commented that increasingly hostile economic conditions are undeniably one of the primary reasons for increased financial intervention from parents. Separately, changes in attitude with regards to the way in which we absorb personal credit, are also having a major impact on consumer debt levels, which in turn is causing more senior members of the family unit to step in and rectify the situation.
The general consensus seems to suggest that the average 19 – 29 year old will request almost £3000 from their parents every 4 years, as an aid to their negative financial situation.
In related news, a separate study has revealed that the actual act of financial intervention by parents may have extremely damning effects on the child, later on in life. One of the UK’s leading personal investment firms suggests that younger generations will be less inclined to budget their money and invest into their futures, if they are constantly bailed out of trouble by their parents.
