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Half of British parents still bankrolling over 25s

22 August 2006
According to the findings of engage Mutual Assurance, nearly half of all parents with children aged over 25 are still helping to fund their basic costs of living.

Around 46 per cent of parents with children over 25 years old living away from home have helped their offspring out financially in the last six months, while 42 per cent with similarly-aged kids living at home have done the same.

The results are indicative of a new culture of dependence on financial help from parents as young adults try to meet the growing costs of childcare, debts, and a first home purchase.

"With recent reports showing that parents are paying an average of £18,000 to help their children buy their first home, these results reveal a huge shift in responsibilities across the generations," said Karl Elliott, a spokesperson for engage Mutual Assurance.

"In modern Britain, grown up children are not only turning to parents for one-off handouts, but support for everyday expenses well into adulthood."

More and more parents are being forced into borrowing money on behalf of their children to cope with the increasing strains of personal finance while not having the applicable credit history to shoulder the debts.

The burgeoning population of dependent over 25s has become known as BOMADs, or those who are "Banking on Mum and Dad".

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