Parents providing ‘pocket money’ to over 25s

Parents are still providing offspring over 25 with financial assistance, new research has found.

Data from Engage Mutual revealed that 31 per cent of parents surveyed were helping their children with money as they struggle to become financially independent.

Much of this aid was related to buying a home or moving house, with 46 per cent of parents stating they had provided assistance to their children over this matter.

And the repayment of student debt or other education was another area in which children still needed help, as 23 per cent of parents have handed over cash to help in this area.

“Our research shows that the financial connections between generations are becoming more profound,” spokesperson for Engage Mutual Nick Breton noted, adding that adult children are “finding it increasingly difficult to stand on their own financial feet.”

The Scottish government recently began promotion of its debt awareness scheme, which provides free debt advice to those struggling financially.

By Tom Musk