Research has shown that 50% of parents in the UK have spent thousands of pounds supporting their adult children (18+) during the pandemic1.
Although the average spend has been nearly £1,300 over the three-month period to December 2020, one in 50 parents have spent more than £10,000 over that time frame. Older children are receiving a helping hand too, with 43% of parents with children aged 30+ spending on average nearly £1,600 over the three months.
The expenses covered by generous parents include day-to-day living expenses, ranging from rent, food, mobile phones, laptops; some (6%) have let their adult children move back home.
It’s only natural to want to help support family members, particularly in the current economic climate. Be careful not to compromise your long-term financial future.
1LV=, Feb 2021
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