Almost one in ten adults have given or leant
an average of £8,250 to their parents, the
Scottish Widows
Savings and Investment Report has revealed.
According to the firm, adult children had to dig deeper last year
than in 2008 to
finance the effects of the recession on their parents.
Indeed, Scottish Widows observed that the average amount given or
leant has increased from £6,500 in 2008.
Iain McGowan,
savings expert at Scottish Widows, commented: Parents are
feeling the pinch, and therefore the
Bank of Mum and Dad has decided to call in its debts and sap
more
money than ever from their children.
In many cases, these parents leant money to their children
earlier in their lives, which has left them out of pocket and
needing to
reclaim some of it.
Meanwhile, Fair
Investment Company, the leading pension and
investment services provider, recently partnered with The
Annuity Team to offer its customers a brand new
annuity service . /
