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01/11/12
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Money advice in increasing demand, says study
31/10/12
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Payment barriers exist for disabled and older people, says study
31/10/12
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Gender differences apparent when financial planning
31/10/12
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Half of Brits shop with a basic credit card, says study
30/10/12
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Number of Brits sitting on forgotten direct debits - 2.68 million
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News
23/07/2012 11:47:16
Parents spending £2k a year funding adult children's basic living
British parents are spending an average of £2,103 per year helping their adult children with their basic living costs.
LV= found that parents are also shelling out nearly £9,500 per child over 21 on average for so-called "big ticket" such as weddings, property and education.
The majority of parents don't expect their children to be financially independent until the age of 38, but a quarter said they expect to be called upon for the rest of their lives to provide financial help.
In light of this reliance on the "bank of Mum and Dad", Mark Jones, LV= head of protection, urged parents to find an adviser to help them plan for the future.
"Discussing their financial situation with a professional adviser and looking at all the options available, including life cover and income protection … and having an up-to-date will in place, can provide invaluable financial security for families," he said.
