UK parents are financially supporting their children until they reach the age of 31, survey finds

A survey of 2,000 adults found that seven out of ten people felt indebted to their parents for financial support

Parents in the UK are financially supporting their children until they hit the age of 31, according to research commissioned by Skipton Building Society.

The survey of 2,000 adults over the age of 35 in the UK found that seven out of ten people admit to feeling indebted to their parents for financial support while they are trying to find their feet. 

Almost a quarter of people surveyed said they still didn't feel financially stable by the age of 35.

The study also found that by their thirties, most people were keen to pay their parents back for years of support with unexpected bills, loan repayments, insurance, car repairs and the weekly food shop.

A quarter of those surveyed said that once adults earned more than £17,671 a year, they should stop accepting handouts from their parents. 

“Our research highlights that people are keen to repay their parents for the love and support they have received from them throughout their childhood.

“It is encouraging to see many people want to show this appreciation through ‘pay back’ and not continuing to let their parents foot the bill once they’ve grown up and moved out.”

Nine out of ten of the adults surveyed lived away from home. A recent study by the Resolution Foundation found that many young adults feel priced out of the housing market.

According to the research, 28 per cent of non-homeowners under the age of 45 do not believe they will ever afford to buy.

This percentage increases to 39 per cent when looking at the poorest fifth of the UK population.

Parents are increasingly stepping up to help their children get on the property ladder. Ray Boulger, mortgage broker with John Charcol, told the BBC pre-credit crisis, parents would sometimes pay around 5 per cent of their children's deposit on a house, whereas now families are paying up to 10 per cent. 

 

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