It’s an oft-used phrase but the popularity of ‘the Bank of Mum and Dad’ shows no sign of waning. New research shows that one third of parents have been under financial pressure as a result of bailing their children out financially.
According to the information services company Experian, over half of parents surveyed said that adult children had drawn from the Bank of Mum and Dad an average of four times and to the value of £6,000 since becoming financially independent.
Meanwhile, results from a survey by YouGov, commissioned by Royal London, reveal almost five million renters in the UK have no plans in place to cover their rent if they became too ill to earn for three months or more, even though recent cuts to housing benefits could leave them at risk. This is despite the fact that more than a quarter of renters in paid employment said they knew someone who had struggled in this situation.
More than one in three renters in paid employment admit they don’t know how long they could survive, and six in ten people who had some idea said they could only survive on their savings for three months or less.
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