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Children helping parents as pensions drop in value
29 November 2008 11:25
A growing number of people are helping to support their parents financially as pensions and incomes start to lose value.
According to Engage Mutual, 41 per cent of 18 to 24 year olds have stepped in to help their mums and dads out with money in the last six months.
The research found that seven per cent had dipped into their own pockets because their parents' pensions or incomes needed to be supplemented.
A further 78 per cent did so because of the rising cost of utility bills, Engage Mutual revealed.
Over 2,000 people took part in the study, which also found that 13 per cent of adults in the UK are supporting their children as well as their parents.
Of this number, 15 per cent have given around £1,250 to help their parents to supplement their income and pay bills in the last six months.
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