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NU survey shows more adults go to parents for financial support

Research by Norwich Union has found 48 per cent of adults aged between 35 and 44 still expect financial support from their parents.

The survey, which polled 1,974 adults to find out their reasons for approaching their parents for financial help, found 73 per cent of participants aged 18 to 24 expect to receive help from their parents. A further 48 per cent aged 35 to 44 and 42 per cent aged 45 to 54 expect the same help.

NU equity release group product manager Dominic Fraser-Smith says more people are now being affected by the credit crunch and view their parents as banker of last resort.

He says: “The most surprising aspect of this research is the proportion of people aged between 35 and 54 who expect their parents to provide financial support when things get tough. You might expect people in this age bracket to be financially self-sufficient.

“The problem is that the parents of these people will either be in or approaching retirement and may well be facing the fact that their own incomes are much reduced.”

The same survey found debt, cost of living and unemployment are the top three reasons why offspring go to their parents for financial help.


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