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Nearly half of UK adults lend their parents money

Some 44 percent of UK adults have lent their parents money, a survey from savings marketplace Raisin UK has found.

Around 20 percent of adults have given, not lent, one of both of their parents’ money for something they needed.

 

While only one in 10 of 18-24 year olds see themselves as being more financially better off than their parents, 71 percent of that group have lent their parents money at some point.

 

Men are more likely than women to help their parents out with money struggles, such as mortgage payments, with twice as many sons than daughters say their parents financially rely on them. However, more women than men are worried that their parents cannot afford to retire.

 

Regionally, almost a quarter of Londoners have been asked for money by their parents, but only one in 10 of adults from East Anglia have been asked for money by their parents.

 

Adults in Scotland are more likely to be relied on financially by their parents than those living in any other UK country.

 

Kevin Mountford, co-founder of Raisin UK, said: “We’ve known about the Bank of Mum and Dad for years now, but these new findings suggest that some parents rely far more on their children for financial support than we thought they did.”

 

“You could view the outcome of our research as a positive sign that there’s a whole wave of younger financially savvy generations that have better access to the tools that enable them to be financially healthy.”

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