Parents across South Yorkshire finding it 'more difficult' to financially help their kids
New research suggests it's due to the cost-of-living crisis
The bank of mum & dad is becoming a major casualty of the cost-of-living crisis as parents in South Yorkshire & the rest of the country are under growing financial strain to support their adult children, new research reveals.
Six in 10 (59%) parents are currently financially supporting adult children, and more than a third (35%) revealed their offspring wouldn't be able to make ends meet without this economic lifeline, according to a survey by law firm Irwin Mitchell.
The data found that far from enjoying an easy and secure retirement, many Baby Boomers, born between 1946-64, and Gen X, born between 1965-79, were feeling the pressure to financially maintain grown up children.
Nearly half (43%) said that the rising cost of living has increased pressure on them to support their children. More than half (53%) said they are concerned about making ends meet themselves and protecting their own wealth.
Despite one in five thinking their adult children will always need a level of financial support, only 17 per cent have had an expert advise them on how to protect their wealth while passing it down, the survey of 1,000 parents with children aged 18 and over found.
Indicating further financial pain to come, 30% of parents have already placed restrictions on what their children can use the money they give them for, and two-thirds (65%) revealed they have nothing in place to support their family long term.
The research paints a bleak picture of the British economy - as nearly nine in 10 (88%) admit they are concerned about the rising cost of living on their own financial situation.