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9 out of 10 parents pay the price

Jude Buttle

Recent research has shown that nine out of ten parents still assist their grown-up children with their financial concerns.

The survey conducted by financial service company, Liverpool Victoria, revealed that 94% of parents were continuing to offer support to their adult children's major purchases, such as deposits for first time buyer mortgages.

Nearly two thirds of parents contributed more than £3,000 towards their child's first property, while half as many pay in excess of £9,000 towards house and mortgage costs.

Nigel Snell, communications director at Liverpool Victoria, said: "Parents certainly like to financially contribute, if they can, towards large purchases for their adult children, such as weddings and deposits for first homes.

"Parents are the hardest hit, with a large proportion admitting that they are helping to cover their children's living expenses, as well as meeting their own financial commitments."

More than half of respondents admitted to helping with the pressures of general living costs of their children, which they claim is not helped by the impact of the current financial climate.