Baby boomers keeping UK afloat?

According to new research, people over 50 are helping the younger generations get through the credit crunch by providing financial help.

Figures released from Mintel indicate ten per cent of baby boomers have adult children living at home and seven per cent do not receive financial contributions from their stay-at-home children.

Furthermore, nearly a quarter (23 per cent) of parents over 50 regularly give financial support to their adult offspring.

James McCoy, consumer research manager at the group, said: “Children are hanging around for longer in their parents’ home, so that many mums and dads are providing financial support for longer than they may have hoped.”

Additionally, 23 per cent of grandparents are providing care for their grandchildren and a total of eleven per cent of those over 50 help with DIY and cleaning, rising to 17 per cent of those aged 55 to 65.

Mintel said the difficulties in getting on the property ladder have contributed to the trend. Young people may also use the situation to remain debt free.

By Morwenna Kearns