One in four (25%) parents have financially supported their adult children during the coronavirus crisis, a survey has found.
The “Bank of Mum and Dad” has paid out an average of £1,922 since last March, with one in seven (13%) parents supporting their children with £5,000.
Household bills were the most common expense where parents lent a helping hand, followed by support with rent payments, allowing children to move back home and paying off their debt, Aldermore Bank found.
Only a fifth (19%) of parents who have supported their children have now been able to stop doing so, according to the survey carried out in December.
Just over two-fifths (41%) said they cannot put a timeline on how much longer they will have to provide support, and nearly a fifth (18%) believe they will be doing so for at least another year.
Among the parents whose children have moved back home, two in five (42%) said their children’s circumstances had changed and they could not find somewhere else suitable to live.
Some adult children had returned home from higher education, while some parents said their offspring had moved back in because they did not want them to be living on their own.
Three-quarters (74%) of parents with “boomerang” adult children living back at home have not asked them to make any contribution to the increased household bills.
Parents estimated their bills have increased by £126 a month, on average, with one in 10 (10%) saying they have risen by £250 or more since their children returned home.
Ewan Edwards, director of savings at Aldermore, said: “Many parents have needed to step up and support their children financially throughout the pandemic, even if it can be financially straining for some to do so.
“Having a savings pot in place can be hugely beneficial to provide a financial buffer and relieve stress for your family against unexpected financial pressures during times of uncertainty. It’s never too late to start saving and the new year provides the perfect opportunity to outline short and long-term savings goals.”
More than 4,000 people were surveyed by Opinium.