Parents spend £5k a year on adult kids

The survey of 2,439 people suggests while parents should be focusing on their own future retirement, a significant proportion still find themselves providing a financial safety net to their grown-up offspring. Almost two-thirds (63%) of 25-34 year-olds and nearly half (46%) of 35-44 year-olds admit to relying on familial financial support in some way. Insight Investment says soaring house prices and mounting student debt are, undoubtedly, key contributors to increasing financial pressures on today’s parents. Younger parents expect to continue supporting their offspring financially, pa...