Dad dot info
DAD.info form. Ask questions, get answers

Young adults most likely to accept help from bank of mum and dad

More than one-third of adults, aged 21 to 45 are still receiving some kind of financial support from their parents 

Image: Pixabay

Millennials and Gen Xers are facing harder economic prospects than their parents and grandparents ever did. Unemployment, university tuition, student loans, rent, and healthcare costs have all gone up while job prospects have dwindled.

 So it’s not too surprising that a new survey from the Society for Grownups found that more than one-third of adults, aged 21 to 45 are still receiving some kind of financial support from their parents.

 The study, which asked 1,000 representative UK adults, found that the most common cause of needed help is for mobile phone bills, followed by food and bills such as gas and TV.

Image: Pixabay

 

And it isn’t just the youngest young adults, 30% of the survey’s respondents in their 30s and even 21% of those in their 40s said they received “significant, on-going financial support” from their parents.

 

According to the study of those receiving financial support, nearly 70% did not believe they could support themselves financially without their mum and dad’s help.

 

Image: Society of Grownups

 

But all that help isn’t wasted as most people asked say they plan to pay the favour forward someday.

Of those who receive financial support, 34% expect to provide financial support to their parents in the next seven years.

 

Society of Grownups say this survey data gives them a greater sense of urgency to make sure mums and dads have the resources they need to support their kids into the future.

Related entries

Dad.info LIVE: The First Year is Survival

Dad.info LIVE: The First Year is Survival

On Thursday 29th October at 12 Noon  Dad.info will be live on Facebook chatting all things TWINS!   CLICK HERE TO JOIN US LIVE AT 12 NOON Leonie and Josh Huie, Mum and Dad to fraternal twin girls (their twin heartbeats) chat with Ian Soars, CEO of Dad.info...

Warning: UK Parents toying with their children’s safety

Warning: UK Parents toying with their children’s safety

Parents have been warned that children in the UK are at risk of death or serious injury from the sale of unsafe toys through various online marketplaces. Health and safety experts from CE Safety say parents should ensure they are not buying cheap, unsafe or fake toys...

Rule of Six

Rule of Six

New Coronavirus rules mean when seeing friends or family you don’t live with you should meet up in groups of six or less. For now, that means it is illegal for my whole family to meet another family inside or outside. In some ways we are lucky, we are only a family of...

Latest entries

How To Have A Holiday At Home

How To Have A Holiday At Home

If you’re anything like me and flip flopped about for ages, unsure what to do about booking a summer holiday this year amid constantly- changing Covid news, then you’ll be finding yourself at home for the summer. But while we may not be able to dip our toes in the...

The Best Way to Create a Household Budget

The Best Way to Create a Household Budget

Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery. --Charles Dickens Money. It's not a fun subject, but a necessary one. Sorting your finances gives...

Ask Debbie – advice and support for Dads

Ask Debbie – advice and support for Dads

It's OK to not be OK Are you struggling? Could you use some advice from a qualified counsellor? Every week Debbie Pattison answers your questions. Please send them to info@dad.info. You don't know it until you become a parent but children test you every day. Lack of...

Pin It on Pinterest