‘Pocket Money’ for Grown Children
As the financial climate means that more of us are struggling for money, a growing number of parents find that they still have to give ‘pocket money’ to their older children who have left the family nest.
According to an Engage Mutual survey, more than two-fifths of British parents have helped to finance a home purchase for children over the age of 25.
Almost a quarter of parents (23%), have given their children help to fund higher education or repay student debts. And if that is not enough, some parents also plan on helping their children’s financial future in the long term, as many are making regular payments into a savings account.
Nick Breton, spokesman for Engage Mutual, commented: “British parents are providing more financial support to their adult children who are finding it increasingly difficult to stand on their own financial feet.”