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Adult children benefit from parental funds, survey shows

The majority of parents are offering financial support to their children when they are at university or buying their first home, new research suggests.

A poll by Equifax found that Britons today are more likely to get financial assistance from their mums and dads than what their parents received when they were young.

Some 83 per cent of parents said they were offering financial assistance to their kids through education, while just over one in ten helped them to get onto the property ladder.

Neil Munroe, external affairs director at Equifax, said the cost of living and high levels of financial commitments taken on by young Britons mean that parents have to offer assistance to their children.

Reiterating the importance for parents to start saving for their children's future from an early age, Mr Munroe suggested preparing by means of child trust funds and pensions, among other methods.

He added that even saving only a little bit each month but starting early will afford parents "peace of mind" that they would not have to get into debt to help out their children.

Halifax research found last year that 11 per cent of parents would take out an unsecured personal loan to help fund their child's university education, while a tenth would consider selling their car or remortgaging their house.

See how much you could borrow with an unsecured loan from Lombard Direct.

© Adfero Ltd

24/01/2008 16:05:29

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