London, Feb 27 (UNI) The number of grownup children cashing-in on parents' savings to fulfil their financial needs has reached record levels, a recent report suggests.
More than 50 per cent of parents are seeing their savings 'plundered' by cash-strapped children to cope with student debt, cost of living and high property prices.
Offspring are becoming increasingly dependent on financial help from their parents, according to a report from the investment firm Scottish Widows.
Children making withdrawals from the 'Bank of Mum and Dad' over the past year has increased from 39 to 55 per cent today, according to a study conducted on nearly 5,800 adults.
Paying off debt was the number one reason for giving money to children, followed by help in buying a house. Other common reasons included buying a car and living expenses.
''The current generation of young adults are facing increasing levels of debt as well as steep house prices,'' Daily Mail quoted Professor Merlin Stone, an economist as saying.
Experts said the problem is likely to get worse, with some parents face a lifetime to support their offspring.
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