Bank of Son and Daughter on the up
Nearing half, 44%, of UK adults have lent their parents money, according to data collected by Raisin UK.
The data outlines that of those aged between 18 and 24, 71% have lent money to their parents.
On a regional basis, a quarter of Londoners have been asked for money by their parents.
Raisin UK outlines that twice as many sons than daughters have lent their parents money.
Looking at what the money was spent on, 10% of those who lent money to their parents did so to help pay off their mortgage debt or rent.
Kevin Mountford, co-founder at Raisin UK, said: “We’ve known about the Bank of Mum and Dad for years now, but these new findings suggest that some parents rely far more on their children for financial support than we thought they did.
“You could view the outcome of our research as a positive sign that there’s a whole wave of younger financially savvy generations that have better access to the tools that enable them to be financially healthy.
“While it’s great to see that there are so many people in a position wherein they can help their parents with their finances, this research also highlights how important it is to keep financial planning in mind at all times, regardless of your age or life stage.”