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Parents funding over 25s' mortgages

A large number of parents with children over 25 are helping them pay their mortgages, new research has revealed.The study, from Engage Mutual Assurance, discovered that more nearly half (46 per cent) of parents who provide financial support for their grown-up children help them with the cost of moving or buying a new home, including with their mortgages.In total more than a quarter of parents with over 25-year-olds were helping their children, while nearly a third (31 per cent) were still giving them 'pocket money'."Our research shows that the financial connections between generations are becoming more profound," said Engage's spokesperson Nick Breton."British parents are providing more financial support to their adult children who are finding it increasingly difficult to stand on their own financial feet."The study also discovered that 23 per cent of the parents who were supporting their children had helped with education fees, while one in ten often made payments into their children's savings accounts.

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