A third of 35-44-year-olds needed help from ‘Bank of Mum and Dad’ last year
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Wedding costs were top of the list for help needed – but utility bills and groceries also featured highly.
By Karl Matchett
A study on the money habits of British adults has found that a significant proportion still rely on the ‘Bank of Mum and Dad’ – in other words, their parents financing them at times of need – and it’s not just the younger generation doing so.
In surveying 2,000 adults across the UK, the research shows over half (55% ) of those aged 18-24 have needed financial support in the past year, which is unsurprising given many could still live at home and not all might be in full time employment.
But more surprising is that a third (33 per cent) of those aged between 35 and 44 have also needed money aid from the Bank of Mum and Dad, and even 21% of 45-54-year-olds.
While big-money purchases and expenses such as weddings and attending university make up significant contributions as usual, there was also a notable number of smaller and day-to-day items which respondents cl...
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