More young adults rely on parents for money
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More young adults rely on
parents for money
The number of young adults who rely on their parents for help with rent payments has tripled since the 1980s, new figures reveal.
The number of young adults who rely on their parents for help with rent payments has tripled since the 1980s, new figures reveal.
Back then just 8% counted on their mums and dads to provide extra funds for rent, whether for student or professional accommodation, but the latest Lloyds TSB Family Savings Report shows this figure has now increased threefold to stand at 26%.
More young men and women are also turning to their parents for cash when it comes to everyday living costs - a rise to 38% from 18% three decades ago.
The report found that 67% of those questioned feel a university degree is vital, while a similar proportion (62%) believe helping children to take their first step on the property ladder is also key.
Overall four in five young adults have no qualms about seeking extra income from their parents, a figure which has risen by 19% from 61% in the 1980s, indicating more young people than ever are relying on their parents for financial help.
Copyright Press Association 2012
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