Do you have financial plans in place?
The bank of mum and dad is becoming a major casualty of the cost-of-living crisis as parents are under growing financial strain to support their adult children, new research reveals.
Six in 10 (59%) parents are currently financially supporting adult children, and more than a third (35%) revealed their offspring wouldn’t be able to make ends meet without this economic lifeline, according to a survey by law firm Irwin Mitchell.
The data found that far from enjoying an easy and secure retirement, many Baby Boomers, born between 1946-64, and Gen X, born between 1965-79, were feeling the pressure to financially maintain grown up children.
Ryan spoke to Rose MacFarlane, senior associate solicitor at Irwin Mitchell.
Photo by Colin Watts on Unsplash
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