Oct 21 2008
A significant number of parents in the UK are providing financial support to their adult children, new figures suggest.
Produced by Unbiased.co.uk, the research found that 3.3 million consumers are providing money to children aged 21 and above.
According to the statistics, such people spend an average of £254 per month on their offspring, people saving for children may be interested to hear.
It was also found that nearly 250,000 consumers provide financial assistance to both their adult children and to elderly relatives.
"With 12 million Brits taking financial responsibility for at least one other person, the research is a clear indication of the financial weight many families have to carry," stated Unbiased.co.uk chief executive David Elms.
Recently, the Financial Services Authority began distributing a guide aimed at parents which contains information about a range of issues, including the cost of children, budgeting, state benefits, parental rights and savings plans.
