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Financial support from parents up 21% in 2 years

Financial support from parents up 21% in 2 years

More than £30bn was handed over to adult children in 2015, according to the Lloyds Bank Family Savings Report.

It says £30.65bn was given to children aged 18+ in the past year, £1bn more than the previous year and over £5bn since 2013.

While much of this came in the form of a deposit to help their children get on the housing ladder, a growing proportion was used for everyday expenses.

Lloyds said the research suggested that a parent’s commitment to supporting their children financially remains strong.

Although weddings and a house are high on the list of reasons for lending money, over two-thirds of parents said they felt they would be letting down their family if they did not save for the future.

A similar amount believed that their children would not achieve success without financial support.

Phillip Robinson, Savings Director for Lloyds Bank, said, “Parents must sometimes feel that they are on a merry-go-round with their grown up children’s financial needs,” said Phillip.

“As we move away from demands for cash debt relief and help with energy bills, we see increases in demands for more fundamental help with housing costs and big-ticket purchases.

“For today’s young adults, the majority are increasingly heavily financed, and heavily influenced, by their parents.”

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