A new survey by UK firm YouGov has provided some scary statistics about the financial impact recent economic challenges have had on families with adult children. Among the findings:
- About 35% of young adults borrow from their parents for daily living expenses
- 38% have borrowed or accepted a gift of money to pay off debts
- 34% have relied on financial help from parents to buy a home
- 47% of parents have given or lent money to their adult children or grandchildren
But here’s the really scary bit:
- 80% of parents who gave or lent their children money withdrew it from their savings
- 54% of these do not think they will be able to top up their savings again
- 22% of parents had to cut back their own spending to support their adult children
- About 30% of parents are saving less because their money is going to their adult children
- 12% of parents have had to stop saving altogether
And worst of all:
- 1 in 10 parents borrowed the money to support their adult children.
Yikes!
