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TOPIC: Nearly a quarter of UK adults reliant on ‘bank of mum and dad’ to make ends meet

Nearly a quarter of UK adults reliant on ‘bank of mum and dad’ to make ends meet 11 Sep 2018 06:36 #10131

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Steven Preece by Steven Preece

Almost a quarter (24%) of UK adults have received financial support from family members in the last year, according a new report from the Social Market Foundation (SMF).

The report, ‘Britain’s Family Bank’, which was sponsored by the Post Office, reveals that UK adults received financial support worth an estimated £53bn, or an average £4,202 annually per person.

Contrary to popular perception only 7% sought financial help from other family members to buy a house, with most borrowing cash to help cover daily living costs (23%) or pay bills such as gas or electricity (11%).

The research found that 27% of people with adult children are providing them with on-going financial help, with many still receiving financial support from the “bank of mum and dad” well into their 40’s or 50’s, and some cases into their 60’s.

According to the study, 38% said they would be unable to cope without the financial support offered by their family. A quarter of those surveyed (25%) said this provided them with long-term financial security.

The report suggests that support is not limited to just the wealthy, with payments to adult children common among parents on lower wages, including a third (32%) of those in lower skilled occupations – including jobs such as cleaners, retail staff, care workers and lorry drivers.

Read Full Report Here;
welfareweekly.com/nearly-a-quarter-of-uk-adults-reliant-on-bank-of-mum-and-dad-to-make-ends-meet/
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Nearly a quarter of UK adults reliant on ‘bank of mum and dad’ to make ends meet 11 Sep 2018 09:12 #10136

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not proud of it but over the last couple of years i have had to ask my mum for money more times than i care to remeber something i never had to do before this absurd benifits freeze sometimes i feel like someone treading water whose head keeps going under and every so often need a little bail out if it wasent for my family i would have gone under long ago :(
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Nearly a quarter of UK adults reliant on ‘bank of mum and dad’ to make ends meet 11 Sep 2018 14:12 #10141

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Sadly Most of my Family are Dead, the rest Disowned me years ago, So I dont have this option,
So its back to good old Crime.
:ohmy: Who me ? Never :whistle:
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