The majority of parents in the North West are bailing their children out of debt
WITH the increase in rental prices and
fewer jobs available to young people, more children are relying financially on
their parents than ever before. A study by TopCashback.co.uk, has said that it reveals that the
majority of parents in the North West admit to helping their children, 18 or
over, out of debt in hard times. The site, who
retailer pay
commission to for your purchases and add it as cashback to your earnings, says
that:- "more than
⅔ of parents still have their children, 18 or over, living at
home without charging them rent to ease the financial strain on their kids."
The research also reveals that more than ˝ of parents feel they weren't
taught enough about money management by their own parents, which in turn has had
a knock on effect on the way their own children manage their finances. More than
a third of parents confessed they could have taught their children more about
money management.
However, 64% of parents feel they've taught their children enough about managing
their finances to become financially independent. 30% of parents say their
children are 'savvy savers' and 14% even describe their kids as 'thrifty'.
When asked what they believe to be the most effective way of teaching children
about money management, 58% of parents claim giving their children an allowance
and making them budget their own spending has been the best approach. This
compares to 29% of parents who've used household tasks such as grocery shopping
to teach their children about money management.
Other key findings reveal that:-
► 58% of parents in the North West confess they would not trust their children
with their personal credit card.
► More than half of parents believe that the best age to teach children about
managing their finances is between 6 and 10.
► 55% of parents do not think their children know how to budget their finances
effectively.
