March 2010 April 2010 May 2010 June 2010 July 2010
August 2010
September 2010 October 2010
November 2010
December 2010
January 2011
February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011 September 2011 October 2011 November 2011 December 2011 January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 July 2016 August 2016 September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 February 2024 March 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
29
30
31
News Every Day |

Parents hand over nearly £3,000 a year to adult children to pay for food, bills and holidays

Parents hand over nearly £3,000-a-year to their grown-up children to help pay for food, cover household bills, fund holidays or even aid first home purchases.

A study of 1,000 parents, with children who have left home, found 75 per cent continued to provide financial support for their children after they have flown the nest.

Getty
Parents hand over nearly £3,000-a-year to their grown-up children to help pay for food, cover household bills and fund holidays[/caption]

Some have taken second jobs, started working again, or even delayed their retirement to get the extra money needed to provide support.

The study also revealed nearly a quarter of parents provide financial assistance to support their children’s studies, while 22 per cent want to help them get onto the housing ladder.

The past year has also seen 13 per cent stepping in after the Covid pandemic left some children with money problems.

Worryingly though, 36 per cent of parents admitted giving money to their children on a regular basis has impacted their own financial situation.

Almost one in 10 have taken on a second job, while one in 10 had to delay their retirement to allow them to contribute towards their children’s lifestyle.

Meanwhile, 66 per cent of parents said they dipped into their own savings pot, while 15 per cent had to use their credit card.

As a result, four in 10 parents considered cutting back on providing financial support to their grown-up children, with 40 per cent wanting to educate their kids to be more financially independent.

Mark Gregory, founder and CEO at Equity Release Supermarket, which commissioned the study, said: “Despite children growing up and moving out of the family home to live their own lives, many still have to rely on their parents or grandparents for financial support.

“As a result, parents often sacrifice their own savings, equity, or later life plans in order to provide for their children, whether that be general lifestyle items, helping with a new house deposit, or indeed purchasing their first home.

“In fact our study found that 42 per cent of parents admitted funding their children is a habit they would like to break in order to improve their own bank balance.

“However there are potential options available that would allow adults to support their children whilst also fulfilling their own financial wishes, which is where equity release could come into play as one potential solution.”  

The study also identified nearly half (45 per cent) of parents handed over money to help pay for their child’s food and drink purchases, while 34 per cent contribute towards the cost of their household bills.

More than a quarter (28 per cent) helped to pay for a holiday and almost one in five (17 per cent) parents have given their adult children money to help with the cost of DIY.

Also, nearly one in five parents still supporting their children financially give their offspring money at least once a week.

And while six in 10 like to help their children out when it comes to covering their expenses, 44 per cent admit they feel they have no choice but to do so.

More than half (52 per cent) even said they wish they could give their children more money, although 46 per cent admitted they can often be ‘over generous’.

The study, carried out via OnePoll, also found that nearly one in six adults considered an equity release to financially support their children.

Mark Gregory, added: “You spend your entire life building up savings – whether that’s in your pension, cash savings or investments like property – just so you can relax and enjoy your later life year but that doesn’t stop family relying on you for support or funding needs.

“When we’ve worked so hard to put money away, it’s always good to know there are other options available.

“Some parents have considered equity release but are hesitant to make the first step in taking out a plan. This is perhaps down to them not fully understanding exactly what equity release is, as our study identified that this is the case for over 65 per cent of parents.

“Whilst it’s not the only option to raise capital to support your children or provide an enhanced retirement, equity release could be beneficial and should always be considered with the right financial advice.”

Top 25 ways parents support their kids financially

1.            Food shopping

2.            Household items (cutlery, clothes, desks, cupboards, chairs etc)

3.            Looking after the grandchildren

4.            Bills (mobile phone, internet, water, gas etc.)

5.            Emergency bills

6.            Holidays

7.            Buying them a car

8.            House rent / mortgage payments

9.            Deposit for a new home

10.          Buying their first home

11.          Travelling

12.          Bank/savings account

13.          School/university trips

14.          Renovations / DIY costs

15.          Car insurance

16.          Dentist/doctor appointments

17.          Tuition fees

18.          Providing for their pets

19.          Childcare costs for the grandchildren

20.          Student loan

21.          Stationary

22.          Travel insurance

23.          Sport activities

24.          Health insurance

25.          Taxes

Интернет

Система управления доступом RooX UIDM совместима с ОС Astra Linux

The 10 Intense New Action Movies on Netflix That Left Me on the Edge of My Seat!

I was diagnosed with cancer aged 39… you are never too rich, too famous or too young, says Dr Philippa Kaye

Top 10 Emmanuelle Seigner Movies

Top 5 Websites to Watch FREE Movies - TV Shows (No Sign up!)

Ria.city






Read also

March Madness lets athletes boost name, image, and likeness opportunities

CBC governor promotes digital financial literacy [video]

Former top ICE official sides with Texas Gov. Abbott over Biden in ongoing border battle

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

I was diagnosed with cancer aged 39… you are never too rich, too famous or too young, says Dr Philippa Kaye

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

Top 10 Emmanuelle Seigner Movies



Sports today


Новости тенниса
WTA

Виктория Азаренко вышла в полуфинал турнира WTA-1000 в Майами



Спорт в России и мире
Москва

Отставка Кудашова и уход Гусева и Уила: кого «Динамо» рискует потерять после вылета из Кубка Гагарина



All sports news today





Sports in Russia today

Москва

В хоккейном ЦСКА сменился главный тренер


Новости России

Game News

Пробный запуск вампирского градостроя Vampire Legacy: City Builder


Russian.city


Симферополь

Военные следователи провели в Симферопольском районе очередное мероприятие по обеспечению соблюдения законодательства о воинском учете


Губернаторы России
2023

На Алтае подвели итоги работы центра одаренных детей за 2023 год


Московская область - Изготовление металлических навесов

Шапки женские на Wildberries — скидки от 398 руб. (на новые оттенки)

Шапки женские вязаные на Wildberries, 2024 — новый цвет от 392 руб. (модель 466)

Год и два месяца. Москвич получил срок за нападение на контролёра


Кто из российских звезд перевел миллионы рублей жертвам «Крокуса»: сколько пожертвовали SHAMAN, Моргенштерн*, Бузова, Крид, INSTASAMKA, «Пикник» и другие

Олег Митяев отменил концерты в Тюмени и Тобольске

Дима Билан стал «Мистером Х» в проекте “Новая битва экстрасенсов” на ТНТ

Семен Слепаков решил избавиться от последнего бизнеса в России


Российская теннисистка Калинская покинула WTA-1000 из-за проблем со здоровьем

Теннисистка Александрова оказалась сильнее полячки Швентек на турнире WTA в США

Александрова обыграла первую ракетку мира на турнире WTA

Чесноков оценил шансы Александровой в борьбе за выход в финал турнира WTA в Майами



МЧС предупредило о рисках подтоплений в 47 регионах России

Заказать недорогой ремонт кухонной мебели в районе в Москве и Московской области

Выпуск ЦФА на платформе «Атомайз» поможет снизить нагрузку на экологию

Рынок вторичной недвижимости Крыма: цены растут, а спрос?


Федеральный девелопер: ЦФА позволят легко и просто накопить квадратные метры и "обернуть" их в квартиру

Финал всероссийского студенческого трека Олимпиады Кружкового движения НТО «Летающая робототехника» 2024

Среднее число детей на одну женщину в России. Статистика

Выставка военных фотокорреспондентов и художника Росгвардии «СВОй VZгляд» открылась в Москве


Эксперт Кочетков назвал студии самыми востребованными квартирами на рынке

Больше Эвереста: россияне в апреле увидят комету Понкса-Брукса

Выставка военных фотокорреспондентов и художника Росгвардии «СВОй VZгляд» открылась в Москве

РЭО и Росприроднадзор проведут семинар о реестре утилизаторов и новых правилах РОП



Путин в России и мире






Персональные новости Russian.city
Шапка

Шапки женские на Wildberries — скидки от 398 руб. (на новые оттенки)



News Every Day

Top 10 Love Affair Movies of the 2000s and 2010s




Friends of Today24

Музыкальные новости

Персональные новости