Parents raiding kids' savings during Covid, study shows

An estimated £2.75bn

Adam Saville
clock
Parents raiding kids' savings during Covid, study shows

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...

To continue reading this article...

Join Cover

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around Covid-19, regulation, diversity and mental health.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection