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PPI refunds: Adults rely on mum and dad for cash

Millions of adults are continuing to use the 'bank of mum and dad' despite flying the nest years ago.

Research by Gocompare found one in ten adults still get help with their outgoings from their mum and dad, despite no longer living with their parents.

The figure is higher among people aged 18-34 (26 per cent) and men are more likely than women to continue to receive financial support from mum and dad long after leaving home (12 per cent compared to eight per cent).

With 38 per cent of people continuing to ask their parents for financial help said they did so because they couldn't afford to pay for themselves, it could be a good idea to see if they have been mis-sold payment protection insurance (PPI).

John Miles, business development director at Gocompare.com, said: "It's worrying that so many people continue to receive help with their outgoings from their parents; suggesting that they aren't able to manage their household budgets.

"But while many see this support as a short-term solution, plenty of those we asked seemed quite happy for their parents to continue bailing them out for the foreseeable future."

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801549183-ADNFCR



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