Half of adults turn to parents for financial support, study shows

Half of adults turn to parents for financial support, study shows

UK pensioners face worst poverty rate in western Europe

Almost half of adults have said that they still rely on their parents for financial support, according to a new study.

Over the last year, adults have borrowed a total of £708 from their parents to assist in the costs of university fees, bills and home improvements, with some admitting to using the cash to fund coffee pods, contact lenses, mobile phone bills and dog food.

Out of the 2000 adults polled, three in five said that they would struggle to cope without financial support from their parents.

The research was commissioned by Virgin Media to mark the launch of its new Family Plan offering.

It also found that four fifths of adults feel more secure knowing that they can turn to their parents if they are financially struggling.

“Our research shows that ‘The Bank of Mum and Dad’ is still very much in business, with Brits depending on their parents even when they’re grown-up,” Annie Brooks, executive director of broadband and mobile at Virgin Media, commented on the research.

“Balancing finances, family life and everything else in between can be a challenge so Virgin Media’s new Family Plan was created to take some of the pressure off parents, making their family’s mobile services simple, affordable and safe, and giving them one less thing to worry about,” Annie Brooks continued.

Paying for holidays, clothes shopping and university fees are the top three financial areas that parents assist their children with, according to the research.

One in five of those polled said that they use their parents’ support to cover the costs of holidays, and 13% turn to their parents to make car payments.