CCR Magazine

You are here  :Home arrow News arrow One third of parents have been under financial pressure as a result of bailing their children out
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


One third of parents have been under financial pressure as a result of bailing their children out PDF Print E-mail
Wednesday, 18 May 2016
Experian research published today reveals that a third (33%) of British parents (who were able to provide financial support to their children) have been put under financial pressure as a direct result of bailing their independent children out financially.

On average, parents surveyed have stumped up over £6,000 to help their ‘financially independent’ children out and it seems that a lack of basic money management skills is often to blame.

· 41% of parents whose children have asked them for financial support were called upon as their child had no savings to cover for an unforeseen expense
· Almost a quarter (24%) admitted that their child is simply bad at managing money and ran out of money
· 15% of children had to ask for help as they had got themselves into a debt they couldn’t afford to repay
· 22% of parents have also supported their children with a deposit to help them get on the property ladder

72% of parents who were able to provide financial support to their children have drawn on their own personal savings or had the flexibility to draw on their regular income (36%). Just over one in ten (13%) of parents surveyed had to rely on credit to be able to access the cash required.

Sarah Willingham consumer champion, Mum of 4 and BBC Dragon, commented: “Without doubt any parent would do whatever they can to help their child when needed. But when it comes to offering financial support, without giving our children the tools they need to understand how to manage their money later in life we can’t assume that they will just pick it up – especially knowing that most never receive any financial education in school.

“Financial education needs to be higher on the Government agenda as the benefits of developing a more financially capable society would create more engaged consumers with better employability and greater entrepreneurialism.”

Clive Lawson, Managing Director at Experian, said: “These results show the extent to which many ‘financially independent’ adults are still struggling to take control of their finances. As the UK’s largest credit reference agency we bear witness every day to the benefits that can be experienced from knowing how to manage money and credit well and also the hard lessons learnt when people get caught in a cycle of unaffordable debt.

Parents have such a crucial role to play in helping shape children’s attitudes and behaviours towards money but it is a big responsibility and they don’t get enough support. Many of us learnt how to manage money well the hard way, but our children can benefit from these lessons if we can find the right way to teach them this essential life skill.”

Recognising the importance of helping children learn essential money management skills early in life, Experian and Sarah Willingham have partnered to develop Jangle, a non-commercial free app that has been Quality Marked by pfeg (part of Young Enterprise) the UK's leading financial education charity.

Jangle is for children aged 7 -11 and is a fun and easy way to teach how to manage money well while helping them save for the things they want. Activities within the app have been developed to address all relevant key learning stages in financial education including the value of money, saving, budgeting and being a savvy consumer.

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197