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PPI refunds: Parents fork out £34bn for their adult children, research finds

Many parents could find PPI refunds come in handy as they are spending a great deal in helping out their adult children financially.

Research by Sainsbury's Finance revealed that parents forked out £34 billion last year in loans and financial gifts for their grown-up kids.

However, the research also showed that only 47 per cent of parents who support their adult children financially do not have life insurance.

Helen Williams, head of Sainsbury's Life Insurance, said: "It's a likely assumption that the need for life insurance lessens for parents as their children grow up, but a combination of rising university and living costs, a tough job market and a difficult climate for first time buyers means children are staying, to some extent, financially dependent on their parents often well into adulthood."

The Sainsbury's research revealed that over a million parents in the UK have given financial help to their children over the age of 45.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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