Adult kids 'sapping parents for millions'
06/03/2007
A number of adult children are still receiving money from their parents on a regular basis, according to new research.
Some ten million of them have sapped their parents' savings, while there are signs that further raids will occur, Scottish Widows states.
The main reasons for parents breaking into their savings for their older kids are to fund homebuying, cars and household furnishings, the report indicates.
Paying off debt and living expenses are two further reasons for older children to request money from their mum and dad, it is noted.
Anne Young, savings expert at Scottish Widows, commented: "Our research shows that parental responsibility no longer ends when your children reach adulthood but lasts for many years after that.
"Parents may be shocked to learn that their savings could be sapped by about £12,000 after their children leave home."
She added that parents should consider creating their own 'savings sap fund' in order to prepare for the possibility of their children requesting money later down the line.
Scottish Widows offers savings products, as well as pensions, investments and loans.
Some ten million of them have sapped their parents' savings, while there are signs that further raids will occur, Scottish Widows states.
The main reasons for parents breaking into their savings for their older kids are to fund homebuying, cars and household furnishings, the report indicates.
Paying off debt and living expenses are two further reasons for older children to request money from their mum and dad, it is noted.
Anne Young, savings expert at Scottish Widows, commented: "Our research shows that parental responsibility no longer ends when your children reach adulthood but lasts for many years after that.
"Parents may be shocked to learn that their savings could be sapped by about £12,000 after their children leave home."
She added that parents should consider creating their own 'savings sap fund' in order to prepare for the possibility of their children requesting money later down the line.
Scottish Widows offers savings products, as well as pensions, investments and loans.
