A 3rd (29%) of fogeys born between 1965 and 1980 are financially supporting youngsters over the age of 21.
Over three quarters of these supporting grownup youngsters (76%) have been offering ongoing assist to cowl dwelling bills, with an extra 19% serving to them to clear money owed, based on the analysis by Simply Group.
1 / 4 (24%) of respondents mentioned that they had contributed financially in the direction of a serious life occasion, equivalent to a marriage or home buy, and 6% mentioned there was another excuse for the monetary assist.
Whereas most have been comfortable to be performing because the ‘Financial institution of Mum and Dad’ for his or her grown up youngsters (87%), two-thirds (65%) mentioned they felt poorer for it, and 46% mentioned they felt frightened about their funds in consequence.
Stephen Lowe, group communications director at Simply Group, mentioned: “Previously youngsters could have tapped the Financial institution of Mum and Dad for giant ticket life occasions, equivalent to weddings or to assist with a deposit to get onto the housing ladder. At this time issues look very completely different and oldsters are way more prone to be offering money to assist with day-to-day dwelling bills.
“Assembly these monetary calls for from household could really feel like the proper factor to do however for a lot of it means much less cash for their very own retirement fund or mortgage funds.”
Recent research from wealth manager and Financial Planner Quilter found that a third of Britons said that their current finances and earnings would not be sufficient to allow them to manage their daily expenses in the event of a recession.
The identical analysis discovered that just about two-thirds of Britons anticipate the UK to enter a recession this yr, with only a fifth assured that one can be averted.
• Simply Group surveyed 1,057 Technology X employees between 16 and 23 August.