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One-sixth of children give money to parents

Sixteen per cent of children help their parents with money, according to research carried out by Mori for Norwich Union.

Twenty per cent of children said they regularly advise their parents on financial matters and 11 per cent help their parents by paying bills.

Eighteen per cent of under35s give their parents financial assistance compared with 15 per cent of over-35s.

The Mori survey, which was carried out in March, questioned 300 children aged between 21 to 55 and 300 parents aged over 55.

It showed that 27 per cent of parents get help with transport, 19 per cent have their shopping done by their children and 18 per cent are taken on holiday by their children.

Director of personal finance Mark Kelly says: “With many older people facing a tougher retirement due to issues with pensions and increased living costs, it is perhaps not surprising that they are turning to their children for financial assistance.”


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