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Parents still supporting adult offspring
Parents still supporting adult offspring
The bank of Mum and Dad has branches open longer than ever according to new research, with many offspring going to their parents well into adulthood.
A new report from Scottish Widows has found that over 10 million adult children have "sapped" their parents' savings, with the average amount given by parents to their offspring being £12,300, making a total "savings sap" of £55 billion.
Anne Young, savings expert at Scottish Widows said: "Our research shows that parental responsibility no longer ends when your children reach adulthood but lasts for many years after that.
"Parents may be shocked to learn that their savings could be 'sapped' by about £12,000 after their children leave home. We recommend they try to prepare for the possibility of this happening by creating their own Savings Sap fund – but they might want to keep it secret from their children until they need to use it!"
The report revealed that 49 per cent of all parents that have already given money to their children are expecting to have to shell out again in the future and three quarters of parents have given a substantial amount of money more than once.
Three in ten parents are forking out a staggering five or more times.
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