Adults raid savings accounts to help parents
25 August 2010 11:15:00
 |
| Many adults are issuing handouts to their parents. |
The Scottish Widows Savings and Investment Report suggests that the average amount given or lent to parents has risen from £6,500 in 2008 to £8,250 in 2009.
Over a third of parents who have received a handout from their adult children revealed that they used the money to pay off debts, while 33% needed the funds for day-to-day living expenses.
Meanwhile, 16% said that the money had been used to purchase a house or put down a deposit.
Iain McGowan, savings expert at Scottish Widows, observed that "the bank of mum and dad has decided to call in its debts".
"At a time when most people are tightening their purse strings, families have to resort to helping each other out and this is likely to become ever more prevalent," he predicted.
Meanwhile, a survey by Engage Mutual Assurance, published in December 2009, found that one in five parents had borrowed from their children's savings account, with 82% hoping to pay the money back as quickly as possible.
‹ Back
Other Savings accounts News
-
Use cash ISA allowance and avoid losing interest
The April 5th ISA deadline is fast approaching. -
Child SIPPs could turn babies into millionaires
Child SIPPs can provide comfort in retirement. -
Inflation taking its toll on older consumers
With inflation still biting, savings are becoming more important. -
Brits plunder savings accounts to fund Christmas
Piggy banks will be much lighter in the new year.
All Savings accounts News
Other Home Page News
-
Brits turn to credit cards for living expenses
Almost half of UK consumers are turning to credit cards as they struggle to cover living expenses until payday. -
Bruce Willis Boosts Russia's Trust Bank
Celebrity marketing might not be the safest choice but Trust Bank has found the recipe for success. -
Warning - credit card scam exposed
Online financial scams keep increasing every year in the UK market - learn more about the latest phishing scam and how to protect yourself from fraudsters. -
No fee and low fee cards
New Cashback and Rewards credit cards from Sainsbury's with extremely low rates.
All News Stories
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
