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Loan charges: Helping both parents and children creates 'squeezed generation'

While pensioners and youngsters could be making more loan claims and using credit card charges to help make ends meet, a new study from the Cooperative Banking Group has highlighted the problems faced by adults who are trying to help their parents while raising children.

A total of 15 per cent of mothers and fathers with children in their household are currently helping out their own parents, the research found.

Furthermore, 20 per cent of these people are giving their mums and dads a hand with credit card charges, bank charges and other debts.

Wider issues in the financial climate are not helping this demographic, with 65 per cent of these individuals stating raising their children while assisting their parents is putting their own pockets under strain.

Earlier research by Lloyds TSB found 80 per cent of the UK's young adults are asking their parents to help them with money.

"The higher costs of housing, providing care for the elderly and everyday living have resulted in a squeezed generation," head of banking at the Co-operative Robin Taylor claimed.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801408349-ADNFCR

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