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50% parents still support children over 18: Study
Parents across the globe, including in India, have not severed the financial umbilical cord, with 50 per cent with children over 18 years still providing them regular support, finds out a study.
Mumbai: Parents across the globe, including in India, have not severed the financial umbilical cord, with 50 per cent with children over 18 years still providing them regular support, finds out a study.
The study has revealed that parents in the Middle East and Asia are generally far more likely to be financially supporting children into adulthood than those in Europe and the Americas, according to HSBC's study 'Facing the future'. The UAE (79 per cent) is where the highest proportion of parents still support grown-up children, followed by Indonesia (77 per cent), Mexico (59 per cent), Malaysia (57 per cent), China (55 per cent) and India (55 per cent), it said.
In the UK and the US, it is much below with 30 per cent and 26 per cent, respectively, findings of the study showed.
This study represents views of 13,122 people across 13 countries and territories, including Argentina, China, France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, UAE, the UK and the US. It is found very common for parents to be supporting children well into adulthood.
Almost half (48 per cent) of those supporting an adult child have been doing so for over 12 years, with that child now aged over 30, the analysis said. This is despite most parents (61 per cent), who support the grown-up children, believing they should stand on their own feet financially when they grow up, it added.
Education is where most parents (59 per cent) are providing the key financial support while almost half (49 per cent) are helping with costs like utility bills, groceries and home repairs. "Parents are also helping with medical and dental care (33 per cent) and rent costs (27 per cent).
Over one in four (27 per cent) are even helping to pay for holidays," it added. Most parents supporting grown-up children feel good about helping their family, with 61 per cent feeling appreciated for the support they give others and 70 per cent feeling they are a good provider for their family, it said.
However, there can be significant knock-on effects to parents' long-term financial planning, it stated. Nearly 68 per cent parents supporting adult children would prioritise paying for their child's university or higher education over their own retirement fund, and 26 per cent had to withdraw from their own savings and investments, while 12 per cent have incurred more debt.
