Young people ‘bailing out’ parents

An increasing number of 18 to 24 year-olds are helping their parents financially in the wake of the credit crunch, new figures have revealed.

Research from Engage Mutual found that 41 per cent of young people in this age group have provided financial support to their parents in the last six months, with 78 per cent of these helping to pay utility bills as prices rise.

Spokesperson for Engage Mutual Karl Elliot noted that the current financial pressure is causing family generations to become increasingly reliant on each other.

“With tougher times ahead, it is important that families plan for their future,” he added.

Those struggling with debt may wish to act upon Mr Elliot’s advice and implement a debt management strategy to help keep control of their finances.

A recent study by NatWest found that children are receiving more pocket money in the credit crunch as parents seek to teach them saving techniques.

By Tom Musk