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The bank of mum and dad still open for business

A recent study by Liverpool Victoria Insurance has found that even though the economy is under pressure and money is tight, parents are still finding funds to support their children, even into adulthood. It seems as though there is still no place like home if you are short of money or need help with an investment.

The report claims that parents in the UK spend a staggering £233 billion on their children and often put aside their own plans and goals to ensure that their offspring are looked after. A massive 94% of parents willingly contribute to their children's further education although in many cases this is extended to those buying a home or a car.

In a sign of the times it also appears that 55% of parents help their children with living expenses with more parents in this position since the onset of the credit crunch. There is some concern that this type of funding cannot last forever as the cost of living continues to rise faster than household incomes. Let us not forget that many parents will actually struggle in later life with pension payments from the state falling in real terms and financial assistance on the wane.

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