Grown up children continue to rely on cash point parents

Published on 1 January 1970 by Raffick Marday

According to a new report, the past two decades has seen the number of young adults relying on their parents for financial support increase significantly.

The first Bank of Scotland Family Savings Report has shown that a considerable number of adult children are turning to the bank of mum and dad on a regular basis for hand outs.

compare credit cardsThe report showed that four out of five (84%) in Scotland rely on their parents financially, while in the 1980s 61% of UK adults turned to their parents.

The rise in financial support from parents is said to be as a result of expensive life essentials, such as buying a house and going to university.

More than two thirds (71%) of respondents said they feel a university education is vital, and just over half (55%) believe it is essential that parents help their children buy their first home.

The majority of Scottish adults (73%) believe they would be letting their family down if they had no savings in place for the future.

Greg Coughlan, Head of Savings at Bank of Scotland, said: "Much has been said about the bank of mum and dad in relation to the cost of getting on the housing ladder, but it is clear that Scottish young adults rely on financial support from their parents for a lot more than this, including day to day items.

“What's more, this support means that parents are getting a greater say in the life choices their children are making, therefore have a greater influence on family life."

Further findings showed that 51% hope to leave their children an inheritance, while 39% feel it is important to help fund the cost of their child’s marriage.

Individuals who are concerned about their child’s financial future should start saving in a saver bank account so that there are funds in place should your child require them in the future.

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