Aol Money

Parents give help worth thousands

By Press Association , Jan 4, 2013
Filed under: Debt

Parents are giving financial help worth thousands of pounds to their children to help pay off debts, run a car, get married or even have cosmetic surgery, according to a new study.

A survey of 2,000 adults by savings bank ING Direct showed that some parents give money until their sons or daughters are into their 40s.

Family

Just over one in four parents said they provided "significant" financial assistance, with one in 10 handing over an estimated £30,000, said the report.

Parents take out loans or use retirement savings to help their children, it was found.

ING Direct chief executive Richard Doe said: "We've all heard of the bank of mum and dad being called on for a mortgage deposit or help with university fees, but it seems there are more unusual requests from children nowadays.

"It's also interesting to note that parents, who have often saved for decades to help their children, often make out like the money is a loan, but realistically don't expect to see the money back."

Tags: debt, economy, family-stories, news, parents

Equity Release

Equity Release Calculator

Are you a homeowner over 60? Equity release could help unlock the door to a more comfortable retirement. Complete your details to find out if you qualify and how much you could release:

Age Partnership Privacy Policy

To understand the features and risks of an Equity Release plan please ask for a personalised illustration.

Our Comment Policy

We encourage lively discussion at AOL. Please be aware when you leave a comment your user name, screen name and photo may be displayed with your comment, visible to everyone on the Internet. If you think a comment is inappropriate, you may click to report it to our monitors for review.

Not an AOL or AIM member? Register for a free account.

Add a Comment

Sign in »

9 Comments

Filter by:

thruth0258

We are saving to help our children through university, by living frugally, but Cameron's policy of low interest rates means at the end of the year our savings buy less, even with interest added, and we are thinking of blowing the lot on holidays, new car and comfortable living. On top of that if all our capital goes we can claim pension credit. Some help Cameron gives those who try to look after themselves!

January 06 2013 at 4:15 PM Report abuse Permalink rate up rate down Reply

1 reply to thruth0258's comment

aeneas9

Vote out the Bullingdon Boys.

January 06 2013 at 5:48 PM Report abuse Permalink rate up rate down Reply

1 reply to aeneas9's comment

alanking247

have you any idea who created this mess ???????????????? have you any idea how much bankers bonuses went up under labour ???????????? have you any idea how much immigration went up under labour ????????? have you any idea who much let alone this pointless loss of british life iraq and afganistan ???????? have you any idea where the money came from with just these four nightmares ???? not saying this lot can sort it out But for sure this country could never afford a LABOUR GOVERMENT AGAIN. Me i vote for none of them we need a complete change in the house of commons this meaning a new party in control would it make a differance who knows But it would tell labour libs and tories don"t take the voter for granted

January 06 2013 at 7:25 PM Report abuse Permalink +1 rate up rate down

Libragirl55

ALANKING 247 SHOULD NOTE

I am a single parent (widowed)
I have always worked and provided
I do NOT receive state benefits
I pay tax - PLENTY
I am putting my daughter through university ----no one else
ALANKING 247 NOTE

January 06 2013 at 11:33 AM Report abuse Permalink +3 rate up rate down Reply

1 reply to Libragirl55's comment

alanking247

libragirl if you read my comment you will see its not pointed at you, at all, so theres no need for me to NOTE and no real need for you to point it out. If you live the way you pointed out as above, You most likely approve of my post, unless your happy with your tax money being handed out to those who have not made the effort you have

January 06 2013 at 5:19 PM Report abuse Permalink +1 rate up rate down Reply

alanking247

you might as well give it to them, as it will only go in inheritance tax. The vast majority of parents use the benefit system to fund there children, they realize that children are a good source of income from the state,
and then they educate there children how the system works, a child at 16 to 18 pref single parent should see a steady income from the state plus if they have a few more from differant partners wonderfull a job without going to work, Us the tax payer will fund our own children plus the ones who parents never made the effort.
Should people who use private schools and private health care recieve a massive tax rebate as we are
not using the system that we pay the most for.

January 05 2013 at 7:19 AM Report abuse Permalink -1 rate up rate down Reply

1 reply to alanking247's comment

scratchflynn

What utter shite . Happy new year .

January 05 2013 at 12:35 PM Report abuse Permalink rate up rate down Reply

2 replies to scratchflynn's comment

jacquie

Not shite in the slightest. Why slog your guts out only to be shafted in later life? I've realised, far too late, I should have drunk, smoked and gambled my wages rather than saving for my dotage.

January 05 2013 at 1:07 PM Report abuse Permalink +3 rate up rate down

alanking247

try to explain to me what the shite part is. ? is it the inheritance tax ? is it the total welfare support of single parent familes ? men and women who use children as a source of income ?
the part that we have the highest pregency rate amoung teenages in europe ? the fact we have the highest single parent rate in europe ? the fact that we are overrun with benefit claimers ?
hospitals that can"t cope with the influx of patients ? a housing system that can"t cope with housing single parents and couples housing need ? which oone of these can you explain to me. How about the long term british born unemployed who seem to have missed out on over 3 million jobs to a foreign workforce ? At the end of the day the goverment will tax 40% of anything
over £325K should you pass away, if thats a problem to you after paying a lifetime in tax. You may not have that problem its called under achieveing i believe and i have happy years every year.

January 05 2013 at 2:59 PM Report abuse Permalink +1 rate up rate down