14 DAY TRIAL // It’s hard for a young person to get a good start in life from a financial point of view. This is precisely why parents take it upon themselves to support the child until they’re on their own – as it happens, this rarely, if ever, occurs, as a new survey points out. One in five adults think they’re independent, but they still turn to their parents when they need money, the research has shown.
Young adults aged 18-25 make their own future or, at least, that’s what they would like to believe. In reality, most of them still cling to their parents for financial support, and will presumably continue to do so for the rest of their lives. Yet, the study reveals, they are convinced they are independent and, when asked, would vouch they have made it so far without any kind of assistance whatsoever.
This just goes to demonstrate that the very structure of family life is changing, David White, chief executive of The Children’s Mutual, the savings organization undertaking the survey, underlines. Children feel as if parents should and must spend money for their expenses, while never having to pay them back – not that they’re expected to either way. “There has been a major change in the dynamic of family finances and it needs to be dealt with now, as the problem could be growing for anyone who has, or is planning to have, children.” White says, stressing that future parents should also consider starting up a fund for their children, when they come.
The findings of the latest survey, possible with the help of 1,000 young adults, show that they still believe, past the age of 18, that their parents should fend for them. Not only that, but the thought of paying them back has never crossed their minds, and they are positive they are independent. So, either the concept of “independent” has changed, or these adults simply feel that what the parents are doing does not imply too much of an effort, White shares.
“Now they can rack up huge debts in higher education, which has become more expensive in recent years, while high property costs make it difficult to get a foot on the housing ladder. […] In reality, more than 40 per cent are enjoying rent-free or subsidised accommodation at home, just as many get help with day-to-day living costs, and nearly a third get help with university fees.” the Daily Mail also points out.