New research conducted by MORI for Norwich Union shows that parents are increasingly relying on their children to help with money and day-to-day chores.
New research conducted by MORI for Norwich Union shows that parents are increasingly relying on their children to help with money and day-to-day chores.
It shows that about 1.3m parents* have accepted financial help from their children. Some 16% of people under the age of 55 say that they provide their parents with financial assistance, and 20% regularly advise them on financial matters. More than one in ten (11%) also help their parents by paying bills.
The survey also found that among parents over the age of 55:
- More than a third (36%) receive help with DIY from their children
- More than 1 in 4 (27%) get transport support (eg driving to the shops)
- Almost a fifth (19%) say their children do their shopping
- Nearly 1 in 5 (18%) are taken on holiday by their children
Mark Kelly, director of Norwich Union Personal Finance, said: "Traditionally, children rely on their parents well into adulthood for financial advice and support; however, it appears that these roles have been reversed. With many older people facing a tougher retirement due to issues with pensions and increased living costs, it is perhaps not surprising that they are turning to their children for financial assistance."
The research shows that a greater proportion of people under the age of 35 are helping to pay their parents’ bills rather than their older siblings, with 18% of under-35s providing financial assistance compared with 15% of those over 35.
Mark Kelly added: "It’s clear that family roles are changing and that an attitude of shared responsibility is becoming more common. While many parents help their children financially it is becoming more common for children to help their parents.
"Norwich Union customer research has also found that more than a third (35%)** of its equity release customers use a lifetime mortgage plan to, among other things, top up their monthly income and maintain their lifestyle."
For families and older people who are interested in finding out more about equity release, Norwich Union has a free guide ‘Unlock your future’, which can be requested by calling free on 0800 015 4015.
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Notes to Editors
Research conducted by MORI, March 2004. 300 people aged 21-55 with parents and 300 people aged over 55 with children surveyed. The population figures used are based on all homeowners aged 55+, which is 10.5 million.
* According to MORI there are 9.4 million people in the UK aged 55+ with children. 14% (about 1.3m people) of homeowners aged 55+ agreed with the statement "I have been helped out financially by my children in the past".
** Figures from Norwich Union customer tracking (July & Aug 2004) show that of Norwich Union equity release customers, 71% release money to pay for home improvements, 27% to buy a new car and 35% to top up their monthly income. Customers may use equity release for multiple purposes.
Minimum property values apply.
Norwich Union’s equity release plans are lifetime mortgages secured on your home. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN DOUBT, SEEK INDEPENDENT ADVICE.
Norwich Union is the market leading equity release provider with a market share of 41% (Source: Safe Home Income Plans Q2 2004).
Full written terms and conditions are available on request.
- Norwich Union is the UK's largest insurer. It is the UK's largest provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 75% of the company's long-term savings business in the UK.
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