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.
Share this..
Related stories
Has the US economy turned the corner?
There was a sudden reduction in the U.S. trade deficit published today with the announcement of a $32.9 billion deficit for October against a "downwardly revised" figure of $35.7 billion for September. The main kicker for the improvement in the trading environment seems to have been a rise in exports, helped by the weak dollar, although the very fact US businesses seem to be experiencing an improv...
Read MoreBad spending habits and budgeting tips- entertainment and leisure
17/08/2015 It’s always nice to be in a position where you have a little bit of free time and have some money to spend in it. You may have a regular hobby you enjoy, like going to the theatre or watching live sport, or you might enjoy trying different things with your family. Whatever you like to do in your free time, there are many bad spending habits people fall into when enjoying themse...
Read MoreCooper: UK housing "critical"
Affordability in Britain's residential property market has reached a "critical" point, housing minister Yvette Cooper has admitted.
Ms Cooper's comments came in response to concerns raised by the government's newly-established National Housing and Planning Advice Unit (NHPAU) that the price of housing is likely to increase to ten times the average salary by 2026.
She to...
Do I need a pension?
Many people don't take the opportunity to arrange a pension plan. There are other things in life, particularly at a young age, which people would find more important than organising a pension. This is perfectly normal, but a major role of a financial advisor is to ensure the protection of a person’s long term financial future, and starting a pension scheme is one way of doing this.
I...
Read MoreClocks going back leads to bills increase
27/10/2014 The clocks going back one hour in October each year adds £630 million to the nation's winter energy bills. A study by B&Q has claimed that the switch back to Greenwich Mean Time at the end of October each year adds £24 to a typical households annual energy bill. The switch means as it gets darker in the evenings, households are more likely to turn their lights on sooner, leading t...
Read More