Over a third of parents help their adult children financially at their own expense, research reveals

Almost two thirds (61 per cent) said they would cut back on their own spending in a bid to support their children

Over a third of parents help their adult children financially at their own expense, research reveals

Over the next two years, nearly a third of parents (31 per cent) say they will provide financial support for childcare

By Sadie Whitelocks

Parents are offering financial support to their adult children at the expense of their own lifestyle and security, as the rising cost of living puts new pressure on the Bank of Mum and Dad, new research has revealed.

Data collected by TSB back revealed that over a third (36 per cent) of parents are currently helping their adult children with their finances at their own expense.

Almost two thirds (61 per cent) said they would cut back on their own spending in a bid to support their children, while almost four in 10 (38 per cent) will forgo luxuries.

Researchers said worryingly, around one in 10 will rely on credit cards (9 per cent) or go into overdrafts (8 per cent).

TSB also found that a quarter of parents (23 per cent) wouldn’t tell their children if they couldn’t afford to offer them support, while more than one in 10 would be embarrassed (14 per cent) or ashamed (13 per cent) if they were unable to do so.

A further 15 per cent do not currently provide financial support but expect to do so in the near future as a result of the cost-of-living crisis.

Over the next two years, nearly a third of parents (31 per cent) say they will provide financial support for childcare, while over a fifth (21 per cent) say they will cover bills and other household expenses – an average of £870 each.

Nearly one in 10 (8 per cent) say they will help with a house deposit, and almost one in 20 (4 per cent) will contribute to paying off debts.

Of those who are providing financial support to their children, over half (51 per cent) say their grown-up children wouldn’t be able to meet payments or afford these expenses without their help.

Separate TSB research shows that a quarter of people aged between 18-24 (24 per cent) and 25-34 (23 per cent) have decreased the amount they are putting aside for a rainy day as the rising cost of living makes saving more difficult.

However, the rising cost of living is affecting many parents at the same time.

Just a third (33 per cent) of those aged 66-75 and a fifth (21 per cent) of those aged 55-65 say they are very confident that their household will have enough money to support themselves over the next twelve months.

The research also shows that of those who are helping their children financially, more than half (55 per cent) say it will be difficult to do so, while one in three (31 per cent) say they can’t afford it but will do it anyway.

Carol Anderson, the director of branch banking at TSB, said: “It’s clear that the impact of the rising cost-of-living is becoming more widespread.

“For those looking to offer financial support to their children, make sure you have open and transparent conversations as a family and get advice from someone like your bank or Citizens Advice if you need support.”

Cost of living crisis: How to best support your children

Tips from Carol Anderson, the director of branch banking at TSB:

  • Have an open discussion with your children if you are considering providing support.
  • Get a good understanding of what their needs are and how you can best support them.
  • Discuss with them what steps they can take to manage their money.
  • Work out a plan and be clear about the extent to which you can help – and whether or not it’s a gift.
  • If it’s going to have a financial impact on you, consider discussing it with somebody you trust. We’ve seen TSB customers coming to us for support and we’re holding around 5,000 customer meetings every week to help customers manage their money and feel more confident about their plans.
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