NEWS COPY
The average British child will refuse all financial support from their parents by the age of 31, according to new research.
The study found by their thirties, most of those polled were keen to ‘pay back’ mum and dad for years of help with unexpected bills, loan repayments, insurance, car repairs and the weekly food shop.
Indeed, after three decades of footing the bill, parents can finally put their wallet away and expect to be treated to dinner, days out, and even tickets for events and shows.
Seven in 10 adults admitted they felt indebted to their parents for their unwavering support while they tried to find their feet.
And a quarter believe that once an adult earns in excess of £17,671 annually, they should stop accepting handouts from their parents.
Rebecca Willey spokeswomen for Skipton Building Society, which commissioned the research of 2,000 adults aged 35 and over, said:
“Our research highlights that people are keen to repay their parents for the love and support they have received from them throughout their childhood.
“It is encouraging to see many people want to show this appreciation through ‘pay back’ and not continuing to let their parents foot the bill once they’ve grown up and moved out.”
Researchers found that while 24 per cent of people over the age of 35 don’t yet feel financially stable, nine out of 10 do live away from their parents and therefore support themselves in the main part.
And six in 10 claim the tables have definitely turned now, as on many occasions they are the ones to treat their parents rather than the other way around.
By their late twenties and early thirties many adult children will pick up the bill when going out to dinner with their parents, and treat their mum and dad to chocolates or wine whenever they see them.
But the financial help goes further than the odd treat during a family get-together. Fifteen per cent of those polled said they had at some point given their parents money to help them get out of debt.
The same percentage have helped their parents to pay off an outstanding mobile phone bill, while a quarter have taken their parents on holiday, footing the bill in the process.
One in four ‘kids’ have on occasion paid for their parent’s rent, and a third have even helped to furnish and decorate their mum and dad’s accommodation.
In addition, a third of children have bought their parents clothes when money has been tight or when they felt like spoiling them.
Over half now pay for special occasions such as Christmas, Birthdays and anniversaries, while 57 per cent say the amount their spend on gifts for these events has also increased since they hit their thirties.
Interestingly, 48 per cent of people now feel incredible guilt if their parents treat them to things, as they know they can afford to treat themselves.
The study also revealed children help their parents in other ways in addition to financial support – 61 per cent help with jobs around the house, gardening, food shopping and general DIY.
And despite not necessarily providing monetary help to their children any more, a third of mums and dads still offer assistance with the house, car and garden when asked.
Rebecca Willey spokeswoman for Skipton Building Society continued
“Showing appreciation for your parents doesn’t have to be through picking up the bill at a restaurant or treating to them to nice things.
“Our research also highlights the many ways that people want to give back to their parents, and it doesn’t always have to have a monetary value attached to it.
“It could be through ensuring that parents, who are facing difficult times with finances, are provided with support to help them find the right advice and guidance that they need. Or it could be through taking the strain off them by doing their household jobs and chores.
“It’s refreshing to see that so many people don’t take their parents for granted and want to support them through their life ahead.”
ENDS
