Parents raiding kids' savings during Covid, study shows

An estimated £2.75bn

Adam Saville
clock • 3 min read

Bank of Mum & Dad dipping into Bank of Son & Daughter to soak up financial hit due to pandemic

Nearly a quarter of parents have had to rely on their children's savings since lockdown began, research from Direct Line Life Insurance has revealed. Since 23 March, the estimated total sits at £2.75bn, the study involving 2000 UK adults and carried out between 28 August and 1 September suggests. According to a report by the London School of Economics (LSE), the Bank of Mum & Dad is one of the UK's largest lenders, however the research shows reduced salaries (15%) and unexpected unemployment (12%) is leading parents to turn to the Bank of Son & Daughter for a bail out. On average, ...

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