LV Reports Parents Fork Out £233 Billion to Support Their Adult Kids

New analysis from insurance, pensions and investments accumulation LV= reveals that parents absorb a amazing ?233 billion* on acknowledging their developed accouchement (children age-old 18 years or over), and are above their own banking abandon to abutment their children.

The LV study, which was agitated out amidst adults age-old 40+ years who accept accouchement 18+ years, begin that 94% of parents abide to accord financially appear apprenticeship and added above purchases such as houses and cars, additional active expenses, already their accouchement accept accomplished 慳dulthood?.

Over bisected of all parents surveyed (55%) accepted to allowance their developed accouchement with accepted active costs, advertence that the 慶redit crunch? and ascent active costs are impacting on the affairs of developed children.

Nigel Snell, Communications Director at LV=, said: 揚arents absolutely like to financially contribute, if they can, appear ample purchases for their developed children, such as weddings and deposits for aboriginal homes. However, it seems that the accepted bread-and-butter altitude is impacting on circadian finances. Parents are the hardest hit, with a ample admeasurement acceptance that they are allowance to awning their children抯 active expenses, as able-bodied as affair their own banking commitments.?

One division (23%) of parents age-old amid 40 and 49 years still accept accouchement age-old over 25 years old active with them, advertence that admitting falling abode prices, developed accouchement are not in a bustle to leave the nest, and may not be able to acquiesce to either.

According to the research, it is not just their own accouchement that parents are paying for either. Of those parents with grandchildren, 79% appear acknowledging both their accouchement and grandchildren.

Almost bisected of all parents age-old 70 years or earlier (45%) are still allowance their accouchement financially. Despite about accepting retired and active on a bargain income, 55% of these parents accompaniment that they advice their accouchement because they feel it is their albatross as a parent, and 42% declared that they abutment their accouchement 慴ecause they can acquiesce to?.

In contrast, beneath than one third (29%) of the parents questioned said that they had accustomed banking advice from their own parents afterwards they had larboard school. Now, 62% of parents say they advice their developed accouchement because 憈hey charge the assistance? and 17% of parents say that their developed adolescent in actuality asks them for banking support.

Nigel Snell concluded: 揙ur abstraction shows that parents can no best apprehend their accouchement to pay their own way already they accept aureate the nest. More than anytime it抯 accurate to say that accepting accouchement agency signing up to a lifetime banking commitment.

揗any parents will accept had to put some affairs on authority to administer the costs associated with adopting a family, and already their accouchement are old enough, parents should activate to animate their own accouchement to accomplish baby provisions, so that the banking accountability can be bargain and parents can adore added banking abandon in retirement.?

Notes to editors:

Further data can be begin in the LV Media Centre

All figures, unless contrarily stated, are from YouGov Research. Sample admeasurement = 1,184 adults 40+ years old with at atomic one adolescent age-old 18+ years. Fieldwork undertaken 5th-6th June 2008.

* Estimation by LV=, based on BMRB and Government Actuary抯 Department data.

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LV= and LV= Liverpool Victoria are trademarks of Liverpool Victoria Friendly Society Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria accumulation of companies. LV= accouterment a advanced ambit of reliable and acceptable amount banking articles ? from insurance to savings and investments.

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