Wednesday, Feb 25, 2009
Babygloomers bailing out their kids
Telegraph: More than half of parents give almost £12,000 to their children
The research, which questioned almost 6,000 adults, also reveals that almost half of all parents with children aged 16 plus that have already given money to their children are expecting to have to dig deeper into their pockets and give them more in future...Nearly a quarter of adult children or grandchildren are using or have used parental handouts to fund their day-to-day living expenses or spending money, the research said..."It's questionable as to whether the current younger generation of adults will ever learn the necessary savings habit if their parents continue to bail them out in this way" Mr Greig said.
Posted by mountain goat @ 07:56 AM (468 views) Add Comment
5 Comments
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1. paul said...
"It's questionable as to whether the current younger generation of adults will ever learn the necessary savings habit if their parents continue to bail them out in this way"
That's rich coming from a baby boomer. Most of the middle class baby boomers didn't need to worry about money until their mid-30s, and bought their first house for the same price as a motor car.
The bailing out is just a trickle-back transferral of wealth to counter the massive amounts that have gone the other way as a result of the house price boom.
2. Terry said...
It's only fair really when the older generation have profited so much from the housing boom at their children's expense.
3. shipbuilder said...
As Paul says, this is simply a sign of a huge imbalance of wealth.
4. alan said...
The younger generation are paying the price of economic mistakes.
My mum recently gave a large amount of cash to her grandchildren. All of these grandchildren work, but have been cut back on pay rises, due to an economy outside their control. My mum bought our house for £1,400. It's now worth half a mil, opposite the new 2012 Olympic site. She also benefitted from most of the privatisations.
Seems like a much needed redistribution of wealth.
5. Enough Already said...
Babyboomers have had it all their own way at their children's expense.
This is just a redressing of the situation by parents who care about their children's future - even if this government and the other greedy pensioners don't.