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55% of Adults Get Cash From Parents
Express ^ | Fri, October 25, 2013

Posted on 10/26/2013 9:23:40 AM PDT by nickcarraway

One in two adults has received financial support from their parents, a new study shows.

A report by the Social Market Foundation (SMF) has found that the "bank of mum and dad" is an essential source of welfare for people, particularly those on low incomes.

Of 2,565 people of all ages polled, 55% (1,400) said they had received money, of whom almost half that number (52% or 628) earn less than £20,000.

Almost one in four low earners (23%) said that without the money they would not have been able to survive.

The 25-34 age group across all income levels had the highest proportion of individuals turning to a parent for help, with 72% (300) saying they had received money from them.

The new survey is part of an SMF report called Family Fortunes, which shows the extent of inter-generational support in low-income families.

Calling on the Government to do more to facilitate family-based welfare, the report's author, Ryan Shorthouse, said: "We tend to think of the 'bank of mum and dad' as being about better-off families helping their children get on the housing ladder or pay for a wedding. But our research reveals that about half of families on low incomes receive regular financial and practical support, typically helping them to pay for everyday items, keep out of debt and make ends meet.

"The impact of such transfers is generally very positive, both for the donor and recipient. But not receiving support from the wider family can cause deprivation and isolation. When thinking about poverty, policymakers need to be more aware of this."

The think tank recommends the introduction of government-backed tax-efficient "Family Trust Funds" to help family members across generations to inve st in a tax-efficient trust managed by a representative from each household. Decisions on distribution would be determined by the trustees, and families would be prompted to enrol on receipt of child benefit.

Mr Shorthouse said: " With the recovery slow and public spending still under pressure, policymakers shouldn't solely focus on wages and benefits to boost living standards and reduce poverty.

"Family is a vital backstop for people on low-incomes, and practical measures like a government-backed trust fund could make a real difference.

"It's time for policymakers to be more creative and look at ways to enable people to untap the resources of their wider family."


TOPICS: Business/Economy; Hobbies; Weird Stuff
KEYWORDS: adulthood; bhoeconomy; generationy

1 posted on 10/26/2013 9:23:40 AM PDT by nickcarraway
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To: nickcarraway

Because Obama doesn’t care about employment. He wants full dependence, not full employment.


2 posted on 10/26/2013 9:30:47 AM PDT by wastedyears (One nation, under wub. Saints Row IV)
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To: nickcarraway

America needs to return jobs, to America.

I-pads. Tablet computers. Tools. Furniture. Toys. Computers. Clothes. You name it.

Bring back American production.

For crying out loud. Bring back American jobs.

Now.


3 posted on 10/26/2013 9:31:06 AM PDT by Cringing Negativism Network
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To: nickcarraway

I do not begrudge family supporting family.

It may not be great in some circumstances but it’s better than them all turning to government (ie THE REST OF US) for our money.

The reason we’re in this mess is because people don’t take care of their own and they now demand and expect all of us to do it, and cheerfully allow govt to confiscate our own hard-earned money to give to them. For doing nothing for it. And many times not even being grateful for it, and then wasting it on absolute CRAP.


4 posted on 10/26/2013 9:38:25 AM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: nickcarraway; All
The Social Market Foundation is a Lefty English think tank that researches only lefty causes

"We champion policy ideas which marry markets with social justice and take a pro-market rather than free-market approach. Our work is characterised by the belief that governments have an important role to play in correcting market failures and setting the framework within which markets can operate in a way that benefits individuals and society as a whole."

5 posted on 10/26/2013 9:45:08 AM PDT by knarf (`)
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Comment #6 Removed by Moderator

To: tatown

Thank you for your reply.

I’m sorry I cannot involve myself in any discussion, whatsoever with you.

This is simply to note I have read your reply.

Thank you. Have a nice life.


7 posted on 10/26/2013 9:54:11 AM PDT by Cringing Negativism Network
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To: nickcarraway

Back in the day, I borrowed money from the parents national bank. Key word-Borrowed. I’ve also got a car lo9an out to my daughter right now. Lot lower interest rate.


8 posted on 10/26/2013 10:01:13 AM PDT by cyclotic (Hey BSA-I'm gone. Walk Worthy-traillifeusa.com)
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To: cyclotic
We called dad The First National Bank of Boston .. open 24/7 and doesn't charge interest.

We all (6 boys, 2 girls) had a "ledger' at one time or another for whatever reason ... we all paid it back.

Father ... the benevolent dictator ... because I said so.

9 posted on 10/26/2013 10:24:19 AM PDT by knarf (`)
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To: nickcarraway
"It's time for policymakers to be more creative and look at ways to enable people to untap the resources of their wider family."

"It's time for policymakers to be more creative and look at ways to enable people government to untap tap the resources of their wider family."

10 posted on 10/26/2013 10:40:26 AM PDT by LurkedLongEnough
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To: cyclotic

YEP...that is how it SHOULD work....Bank of Parents....NOT Bank of Taxpayers (esp. in the case of student loans, etc.)


11 posted on 10/26/2013 10:41:06 AM PDT by goodnesswins (R.I.P. Doherty, Smith, Stevens, Woods.)
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To: nickcarraway

I got money from my parents through about the age of 25. Mainly for school and a couple of moving instances. That said, Dad still gives us kids money each year at Christmas time but we primarily use that money to do things for him and other family members throughout the rest of the year. Buy meals, tickets to events, etc. for them that they otherwise wouldn’t buy for themselves.


12 posted on 10/26/2013 10:42:04 AM PDT by FAA
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To: knarf

I thought I was a benevolent dictator.

We’ll see what happens today when I present my daughter the bill for tires for her car. I went and got them today while she slept in. Cause it’s like the only chance I get to sleep in...until the next one. That’s OK, she worked till 11 last night.


13 posted on 10/26/2013 10:42:45 AM PDT by cyclotic (Hey BSA-I'm gone. Walk Worthy-traillifeusa.com)
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To: nickcarraway

As it should be...Families should take care of each other, then government wouldn’t have to.


14 posted on 10/26/2013 10:44:13 AM PDT by dfwgator
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To: Secret Agent Man

I would rather lend money to my family, and keep the wealth in the extended family, than let outsiders make a profit on them.


15 posted on 10/26/2013 10:45:34 AM PDT by dfwgator
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To: goodnesswins

Actually, I just recently got in the position to do much loaning. Job loss about 5 years ago, coupled with a cross country move and loss of almost all equity on the house kind of took whatever I had.

A few months ago, my dad failed in his plan to die broke. We’re now a bit more comfortable and able to help out the kids more than food, clothing and shelter.


16 posted on 10/26/2013 10:45:39 AM PDT by cyclotic (Hey BSA-I'm gone. Walk Worthy-traillifeusa.com)
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To: nickcarraway

On the flip side, how many elderly parents get assistance from their offspring? It does cut both ways. And it should.


17 posted on 10/26/2013 10:48:22 AM PDT by dfwgator
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To: nickcarraway

We already have tax efficient family trusts. That’s how the Kennedy’s and Rockefeller’s and Buffet’s protect their family wealth.


18 posted on 10/26/2013 10:48:44 AM PDT by Lurkina.n.Learnin (If global warming exists I hope it is strong enough to reverse the Big Government snowball)
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To: knarf

never heard of pro-market... will have to look into that more

sort of like “pro” gressive I suppose.


19 posted on 10/26/2013 10:50:18 AM PDT by LurkedLongEnough
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To: LurkedLongEnough

Yeah ... I don’t know neither, but the whole website is chockablock full of lefty “data”


20 posted on 10/26/2013 11:00:08 AM PDT by knarf (`)
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Comment #21 Removed by Moderator

To: tatown

Thank you for your reply.

I’m sorry I cannot involve myself in any discussion, whatsoever with you.

This is simply to note I have read your reply.

Thank you. Have a nice life.


22 posted on 10/26/2013 11:39:17 AM PDT by Cringing Negativism Network
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Comment #23 Removed by Moderator

To: tatown

Obamacare is going to encourage the destruction of more US industry and jobs IMO


24 posted on 10/26/2013 12:25:02 PM PDT by GeronL
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To: Cringing Negativism Network

“Thank you. Have a nice life.”

With ObamaDeathcare no one is going to have a nice life. No one.


25 posted on 10/26/2013 12:25:07 PM PDT by CodeToad (Liberals are bloodsucking ticks. We need to light the matchstick to burn them off. -786 +969)
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To: CodeToad

Sorry I cannot comment on this topic.

:D

Thanks for your note however.


26 posted on 10/26/2013 12:27:56 PM PDT by Cringing Negativism Network
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To: Cringing Negativism Network

Coward. Typical liberal.


27 posted on 10/26/2013 12:29:56 PM PDT by CodeToad (Liberals are bloodsucking ticks. We need to light the matchstick to burn them off. -786 +969)
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To: tatown

Actually I have never, ever supported Obama.

Just to keep the record straight.

Never.

But I’m not discussing this topic. Please leave me off this. Thanks.


28 posted on 10/26/2013 12:30:30 PM PDT by Cringing Negativism Network
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To: CodeToad

No I was banned from talking about it.

Actually. By the big guy.

I’m far from a typical liberal, trust me. That’s all.

I’m dropping off this thread now.


29 posted on 10/26/2013 12:33:03 PM PDT by Cringing Negativism Network
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To: Cringing Negativism Network

Jim didn’t ban you from talking about it. He banned you from bashing conservatives and supporting liberal positions. I was on that thread.


30 posted on 10/26/2013 12:34:21 PM PDT by CodeToad (Liberals are bloodsucking ticks. We need to light the matchstick to burn them off. -786 +969)
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To: CodeToad

Actually Jim warned me twice.

The first time I backed off, then he surprized me with the second one.

I was surprized enough by the second one, I am taking his post as a ban on the topic, for my purposes.

:D

I’m strongly against Obama.

That’s all I’ll say. Nice talking with you, I’m really not comfortable testing fate with this.

I like FR a lot.

Just playing it safe for a while.

That’s all.


31 posted on 10/26/2013 12:39:03 PM PDT by Cringing Negativism Network
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Comment #32 Removed by Moderator

To: tatown

I disagree.

Bye. I am off this tread.


33 posted on 10/26/2013 12:41:36 PM PDT by Cringing Negativism Network
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To: Cringing Negativism Network

“I am taking his post as a ban on the topic, for my purposes.”

You’re being a drama queen. Jim never said that in any way.


34 posted on 10/26/2013 12:49:19 PM PDT by CodeToad (Liberals are bloodsucking ticks. We need to light the matchstick to burn them off. -786 +969)
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To: cyclotic

Yes...I know what you mean....my great Uncle left my Grandson money....in my care...10+ years ago ... we are now in a position to help him get an education that gets him a job... sometimes my Grandson has a hard time understanding there are RULES (which WE make) about those funds...which he just found out about....but we are managing our way through all that. I like not having him go to the govt for his “funding”...


35 posted on 10/26/2013 12:49:41 PM PDT by goodnesswins (R.I.P. Doherty, Smith, Stevens, Woods.)
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To: CodeToad

Maybe, maybe not.

But that’s how I’ll try to take it, to keep me on the right side of the line.

I appreciate talking with you, over and out.


36 posted on 10/26/2013 12:51:58 PM PDT by Cringing Negativism Network
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Comment #37 Removed by Moderator

To: nickcarraway

I never got much financial assistance from my parents, but I never expected much. However, I don’t begrudge parents helping out children in need. That’s what families are for.


38 posted on 10/26/2013 1:59:03 PM PDT by driftless2
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To: Cringing Negativism Network

If iPads now are about $400 or so made in China, they’ll probably be close to $1000 if made in America. Not saying they should continue to be manufactured in China, just pointing something out.


39 posted on 10/26/2013 2:57:47 PM PDT by wastedyears (One nation, under wub. Saints Row IV)
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To: wastedyears

I think the time is rapidly approaching when we re-build America.

Just saying.

I’ll pay more for stuff, if we build it right here. We have been sending American jobs to other countries now for an entire generation.

I say it is high time to bring American jobs back. Now.


40 posted on 10/26/2013 6:20:08 PM PDT by Cringing Negativism Network
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