Children 'sap' £55bn from parents' savings

Research by the insurer reveals over 10 million adult children have ‘sapped’ their parents savings, with 39% of parents using money they have put by for themselves to help out their children with either a gift or a loan. As a result Scottish Widows says the average amount handed out to children by their parents is £12,300, resulting in a total ‘Savings Sap’ of £55bn, which is around 6% of the total UK cash savings market. The survey of 2,000 adults, carried out by GfK NOP, reveals 22% of adults have received money from their parents over the past 15 years, with £11bn, or 20% of the tota...