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Youngsters turn to their parents for financial help

Carrying on the age-old "bank of mum and dad" it has been revealed that more and more young adults are turning to their parents for financial help. Whether falling behind with their mortgage, overdue on their credit cards or struggling to repay their overdrafts it appears many parents are having to dig deep into their own savings to make life easier for their children.

While cynics amongst us might believe that young adults should be forced to stand on their own 2 feet the truth is that the cost of living in the UK has increased substantially, debt is now more freely available than ever before and youngsters are falling into these traps. Thankfully many parents up and down the country have managed to put aside some savings over the years and a significant number have benefited from the substantial rise in the property market.

However, over the next few years as parents grow older and need to look towards their own retirement we may see fewer funds available to bail out their children. While the bank of mum and dad has been around for some time it looks as though credit facilities may be on the decline in the medium to longer term to the detriment of sons and daughters.

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