Fifth of over-50s parents ‘have increased financial support for adult children’

A fifth of over-50s parents have stepped up their financial support for their adult children during the coronavirus pandemic, a survey has found.

Some 21% of parents in this age group with children aged over 18 said they have been offering them more financial support than usual since March.

The research, from the Saga Equity Release Advice Service, found that some parents have dipped into their savings to do this, or have cut back on spending on themselves.

Others have given money that they would otherwise have left as part of their inheritance.

Common reasons over-50s parents have increased their financial support include their children having been furloughed, losing their job, or suffering debt problems.

Some parents also wanted to help their children buy a home in light of the temporary stamp duty holiday.

Alex Edmans, head of equity release said what is right for one family may not be appropriate for everyone, adding: “Decisions should be made based on individual needs and circumstances.”

More than 1,400 parents aged over 50 with adult children were surveyed.