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Bank of mum and dad helps children

12:15am Saturday 4th July 2009

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Nine out of 10 young people are still receiving financial support from their parents, a survey has shown.

Around 87% of 18 to 25-year-olds still get money from their parents, with 41% receiving help with their day-to-day living costs, according to the Children's Mutual.

One in four young people are given money towards their rent, while 28% have received help with funding higher education.

Parents are also handing over cash for more frivolous things, with 19% of young people letting their parents pay for holidays and trips abroad.

But despite receiving handouts, two-thirds of young people getting help from their parents still think they are completely financially independent.

Opinium Research questioned 1,000 18 to 25-year-olds during December.

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