Scottish Widows: Parents turn to children for debt relief

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Scottish Widows: Parents turn to children for debt relief

Parents looking for debt relief are increasingly recouping money they have paid out on their children, Scottish Widows has revealed.

According to research by the company, adult children had to give £6,500 to their mums and dads in 2008.

However, this amount went up to an average of £8,250 last year.

Figures also showed that eight per cent of adult children are giving money to their parents.

Iain McGowan, savings expert at Scottish Widows, commented: "Parents are feeling the pinch and therefore the Bank of Mum and Dad has decided to call in its debts."

More than a third of the mums and dads who are receiving this money are using it to pay off what they themselves owe.

Mr McGowan said this demonstrates how crucial family support can be in the current economic climate.

He added that the trend of parents asking their children for money will continue to become more prevalent in the future.

This comes after research by The Children's Mutual found that 16 per cent of parents believe their child will be financially dependent on them when they are aged above 30.

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