47% of parent support their adult kids — and other scary stats

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!