A quarter of adults in London still rely on parents for financial help

Posted on 13 Aug 2014 Posted in  Cashback Diary
A quarter of adults in London still rely on parent

Parents now spend an average £225,000 raising a child to the age of 21 , but for parents in London, it appears that the costs don’t stop there. A study published today by topcashback.co.uk reveals that around a quarter of adults in London still rely on their parents for financial help. Twenty-eight per cent receive help for groceries, more than a quarter are given money to put towards rent payments and thirty-five per cent still receive help with spending money. Other key findings revealed that:

•             Twenty-eight per cent of Londoners who receive help stated they would not be able to support themselves without it and sixty per cent said they would struggle

•             The majority of those who receive help will have to pay the money back

•             Sixty per cent of Londoners think there is a certain age when people should stop relying on their relatives for financial help; the majority think it’s twenty-six

•             Around two-thirds of those who receive financial help from their parents feel uncomfortable talking about it with friends

The full set of statistics is displayed in the Financial Help…in London Infographic below:

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