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."
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.
Obamacare is going to encourage the destruction of more US industry and jobs IMO
“Thank you. Have a nice life.”
With ObamaDeathcare no one is going to have a nice life. No one.
Sorry I cannot comment on this topic.
:D
Thanks for your note however.
Coward. Typical liberal.
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.
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.
Jim didn’t ban you from talking about it. He banned you from bashing conservatives and supporting liberal positions. I was on that thread.
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.
I disagree.
Bye. I am off this tread.
“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.
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”...
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.
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.
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.
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.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.