Parents still have to help many young adults

The results of a recent survey have shown that whilst many young adults like to think of themselves as being financially independent, a large number of them are still reliant on their parents to bail them out financially whenever the need arises, with many unable to cut their financial ties with their parents.

Research was carried out by The Children’s Mutual, and the results of the research showed that many young adults keep coming back to their parents for financial support, in some cases for many years, and this is having a profound adverse effect on the financial status of many parents who end up using their cash to help this children rather than to look after their own financial futures.

An official from The Children’s Mutual warned that the growing trend of cash reliant young adults meant that parents of younger kids and would be parents needed to start putting money aside for the futures of their children, stating: ‘There has been a major change in the dynamic of family finances and it needs to be dealt with now as the problem could be growing for anyone who has, or is planning to have, children.’

It was revealed that around 80 percent of young adults who considered themselves to be financially independent were still getting financial help from their parents, with many taking money for things such as university fees, bills, and even towards a deposit on a house.