Parents still forking out for adult kids: Finder.com.au

Parents still forking out for adult kids: Finder.com.au
Parents still forking out for adult kids: Finder.com.au

While the number of adult children requiring financial support from the bank of mum and dad is lessening 74 percent of parents polled for a survey by Finder.com.au are still helping out their kids over the age of 18 financially.

The survey found 12 percent receive help from their parents because they are saving for a home loan deposit, 11 percent say they support their adult children because they’re in debt and 28 percent of recipients are embarrassed or ashamed about getting financial aid from their parents.

Such financial help includes free or low rent, paying bills, university fees, white goods, or even buying a house.

Bessie Hassan, Money Expert at Finder.com.au, says the percentage of adult children receiving financial handouts from their parents has fallen over the past 12 months. with the number of Australians that receive help from their parents dropping by 12 percent over the year.




“It's human nature that parents want to step in if they’re child is struggling torepay debt or if they’re unable to complete a significant purchase such as a medical expense or a vehicle,” she said. 

“Young adults can get into the habit of living beyond their means because they think Mum and Dad will always be there to get them out of hot water. 

“A big part of parenting is helping your children become self-sufficient, and money matters should be no different.

“However, if you insist on giving money to your child, consider making it a loan with strict conditions on when and how it is to be paid back.



“Trends in the employment market such as unpaid internships combined with rising property prices and large HECS/HELP debt required to pay off a tertiary degree are some factors that may be contributing to the large proportion of handouts from parents to their adult offspring."

Men versus women

  • More women receive financial help from their parents than men, and women receive almost twice as much financial help with a significant purchase like a house or car than men. 
  • One in six men (16 percent) are proud to admit they get handouts from their parents compared to 14 percent of women. 
  • A greater number of women (9 percent) are ashamed of the financial help they receive from their parents than men (7 percent). 

State by state

  • Victoria is the biggest sponge state, with 65 percent of people getting financial help from their parents, while South Australians are the most independent. 
  • The greatest number of Queenslanders (23 percent) were ‘slightly embarrassed’ to get financial help from mum and dad, followed by NSW and WA (22 percent). 
Tags: 
Finance First Home Buyer

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