Three-quarters (76%) of parents still feel responsible for their children’s financial security once they’ve grown up, according to new research from Legal & General.
Meanwhile, nine in 10 parents continue to feel responsible for their children’s overall wellbeing.
Over the past year, two-thirds of parents 66% helped children aged 18 to 40 financially, with a quarter giving them more than £1,000. A third had helped out with day to day living expenses and one tenth had paid rent or mortgage payments on behalf of their kids at some point over the last five years.
Fewer than one in 10 (9%) had helped their children with a deposit on their first home.
Legal & General found that the top five ways parents are helping their kids out financially are as follows:
- General living costs (43%)
- To pay a bill (23%)
- Grocery shopping (23%)
- University education fees (20%)
- To pay for commuting or travel costs (16%)
In addition, it found that the most popular areas parents are being called on for support are as follows:
- Financial advice (46%)
- Career plans (40%)
- Cooking (37%)
- Car trouble (29%)
Despite this reliance on parents, less than half (47%) of those who said they felt financially responsible for their children some or all of the time had taken out a life insurance policy to provide for their family in the event of their death.
Commenting on the research, John Hyde, managing director, Legal & General direct insurance, says: “No matter their age, as parents we always feel a sense of responsibility for the wellbeing of our children. Whether it’s making sure they’re financially secure or helping them with life’s big moments, such as buying their first home, our research shows that parents continue to support their children, aged 18 or 40. Perhaps more worryingly, parents are still relied upon for more pressing financial matters, such as paying credit card bills and grocery shopping.
“However, no matter what support we provide, being a parent doesn’t stop after we’re gone and the question we all need to ask is whether that security will continue should the worst happen.
We want to encourage more parents to think about how they can safeguard their children, whether it’s making sure there’s an emergency fund if a tragedy strikes or by taking out a life insurance policy to help their families when they’re no longer around. After all, family is the most important factor in our lives and making sure they’re looked after and are financially secure is the top priority for any parent.”