Article date: 19 October 2004
New research conducted by MORI for Norwich Unionshows that parents are increasingly relying on their children tohelp with money and day-to-day chores.
It shows that about 1.3m parents* have acceptedfinancial help from their children. Some 16% of people under theage of 55 say that they provide their parents with financialassistance, and 20% regularly advise them on financial matters.More than one in ten (11%) also help their parents by payingbills.
The survey also found that among parents overthe age of 55:
- More than a third (36%) receive help with DIY from theirchildren
- More than 1 in 4 (27%) get transport support (eg driving tothe shops)
- Almost a fifth (19%) say their children do their shopping
- Nearly 1 in 5 (18%) are taken on holiday by theirchildren
Mark Kelly, director of Norwich Union PersonalFinance, said: "Traditionally, children rely on their parents wellinto adulthood for financial advice and support; however, itappears that these roles have been reversed. With many older peoplefacing a tougher retirement due to issues with pensions andincreased living costs, it is perhaps not surprising that they areturning to their children for financial assistance."
The research shows that a greater proportion ofpeople under the age of 35 are helping to pay their parents’bills rather than their older siblings, with 18% of under-35sproviding financial assistance compared with 15% of those over35.
Mark Kelly added: "It’s clear that familyroles are changing and that an attitude of shared responsibility isbecoming more common. While many parents help their childrenfinancially it is becoming more common for children to help theirparents.
"Norwich Union customer research has also foundthat more than a third (35%)** of its equity release customers usea lifetime mortgage plan to, among other things, top up theirmonthly income and maintain their lifestyle."
For families and older people who are interestedin finding out more about equity release, Norwich Union has a freeguide ‘Unlock your future’, which can be requested bycalling free on 0800 015 4015.
David Gwyer 01904 452828 Out of hours 07800699508
James Evans 01904 452791 Out of hours 07790 487105
Rob Pell 01904 452659 Out of hours 07968 934091
Louise Soulsby 01904 452617 Out of hours 07810 057262
Notes to Editors
Research conducted by MORI, March2004. 300 people aged 21-55 with parents and 300 people aged over55 with children surveyed. The population figures used are based onall homeowners aged 55+, which is 10.5 million.
* According to MORI there are 9.4 million people in the UK aged55+ with children. 14% (about 1.3m people) of homeowners aged 55+agreed with the statement "I have been helped out financially by mychildren in the past".
** Figures from Norwich Union customer tracking(July & Aug 2004) show that of Norwich Union equity releasecustomers, 71% release money to pay for home improvements, 27% tobuy a new car and 35% to top up their monthly income. Customers mayuse equity release for multiple purposes.
Minimum property values apply.
Norwich Union’s equity release plans arelifetime mortgages secured on your home. CHECK THAT THIS MORTGAGEWILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOUWANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN DOUBT, SEEKINDEPENDENT ADVICE.
Norwich Union is the market leading equityrelease provider with a market share of 41% (Source: Safe HomeIncome Plans Q2 2004).
Full written terms and conditions are availableon request.
- Norwich Union is the UK's largest insurer. It is the UK'slargest provider of life, pensions and investment products andone of the leading IFA providers. IFAs provide around 75% of thecompany's long-term savings business in the UK.
- Norwich Union has strategic alliances with building societiesand other leading UK brand names including Tesco PersonalFinance and The Royal Bank of Scotland Group.
- Norwich Union's news releases and a selection of images areavailable from Aviva's internet press centre at www.aviva.com/media