‘Bomads’ put parents under pressure

According to Mutual Assurance research, almost half of parents with children over the age of 25 are helping their children to cover basic living costs.

Commenting on the report, Karl Elliott, 3GB spokesman for engage Mutual Assurance said: “With recent reports showing that parents are paying an average of £18,000 to help their children buy their first home, these results reveal a huge shift in responsibilities across the generations.”

His comments come as surveys show that younger people are more reliant on parents than ever to foot bills, from couples getting married to first-time buyers.

The figures reveal that debts mean that a quarter of the over 25s need parental help with mortgage payments and a quarter of this age group still live with family.

With more and more young people also being caught in spiralling debt, Mr Elliott said that the findings should give a “clear message” to parents that they need to start saving early for their children’s futures.

track