Kids Squandering Parent’s Savings
As per recent surveys it was found that more than half of the adult youngsters are living off their parent’s savings. About 55 per cent of parents had polled that they had shelled out approximately £12,610 to their children or grand children. This was obtained from a survey done by the Scottish widows.
It was found that four out of every ten children used the money to pay off their debts whereas one out three used it to get on the property ladder. From the YouGov poll, 5,783 adults suggested that there was a 16 per cent increase in the number of parents who lent money to their children from the 39 per cent in the previous year. More than half also stated that they were expected to hand over some more money in the future.
From the 36 per cent who were asked said that their intention was to use the money during their retirement. However 63 per cent of them say that they were happy to help out their children. With the ever increasing needs of people and the lethargy of children to start working, lending money from parents seems to be the easiest way out.
The mistake lies with the parents who don’t think twice in lending money to children at an age when they should be earning. The typical uses of money are endless. From paying off previous debts to housing loans youngsters don’t realize that now is the time for them to work and let their parents sit back and enjoy a retired life.
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