Engage Mutual Assurance: Kids help parents with costs

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Engage Mutual Assurance: Kids help parents with costs

Fri 28th Nov 2008

Research published today has shown that increasing numbers of children are helping out their parents financially as they struggle to meet the rising costs of living.

Engage Mutual Assurance's 3GB survey showed that 78 per cent of 18 to 24-year-olds now help their parents to pay the household bills, an increase of 50 per cent on last year.

These helpful young adults donated an average of £422 towards the cost of utilities over the last six months and seven per cent even supplemented their parents' salaries, by an average of £200 over six months.

Karl Elliott, 3GB spokesperson for Engage Mutual Assurance, said: "As financial pressures grow, family generations are increasingly turning to each other for support in making ends meet.

"With tougher times ahead, it is important that families plan for their future."

Alistair Darling unveiled a range of measures aimed at helping struggling families in the pre-Budget report earlier this week.

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