Engage Mutual uncovers Bank of Son and Daughter

Monday, 01 December 2008 12:00

Engage Mutual is stressing the importance protection and investment products as it was revealed more children are bailing their parents out financially.

Roles are reversing, an investigation by the assurance firm has found, with 41 per cent of 18 to 24 year olds revealing they had helped their parents out with money in the last six months.

The research found that 78 per cent had helped their parents to pay for soaring utility bills. This compared to 50 per cent who had helped mum and dad pay these bills last year.

Meanwhile, seven per cent had helped supplement their mum or dad's incomes or pensions. The survey found they provided, on average, £200 towards the costs.

And more than one in ten of adults faced the burden of not only supporting their own children, but also contributing to their parents' cash flow.

Karl Elliot, a spokesman for Engage Mutual Assurance, said: "With tougher times ahead, it is important families plan for the future.

"We believe by working with our customers to provide products and services that are straightforward and good value, we can make it easier for families to better manage their finances."

Engage Mutual describes itself as a "family-orientated" mutual which provides products such as protection, investments and savings plans which help households of all kinds plan their finances.

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