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Adults relying on children for help paying off debts
25/04/2008 09:46:00
Parents who once loaned their children money are now looking to their offspring for financial support, according to a new survey.
Findings from a study by Scottish Widows revealed that adult children spend an average of £6,500 on their parents making a total figure of £11 billion.
Adult children have to dig into their pockets five times or more to help their parents out says the survey.
Anne Young, savings expert at Scottish Widows, said: "It's obvious that parents have felt the pinch as a result of being 'sapped' for thousands of pounds from their adult children, and are now turning the tables on them and 'sapping back'."
Over a third of parents planned to use the money they handed out to their children for their retirement and, because of this, are missing the money in their later years.
Further findings show that one in 20 children have been asked for money but have not been able to provide any.
Meanwhile, research from Christians Against Poverty showed that debt is leading to marriages breaking down.
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