Children whose parents keep giving them cash handouts are a quarter more likely than others to go into overdraft, research from NatWest Primeline has found.
According to In2Perspective, the parents of a third of young Britons never taught them how to manage their finances and start saving money.
Some 40 per cent of Britons between the ages of 18 and 34 live with their parents in order to help them saving money.
Males are better than females at saving money it would seem, and men also tend to leave their parents' homes later than women do.
Only 40 per cent of those who became financially independent under the age of 25 will be able to maintain it, NatWest's research has found.
Bad news for parents is that a quarter of those young people who did not take money from their mums and dads would not offer their parents financial support in the future.
NatWest is part of the Royal Bank of Scotland Group, the second largest bank by market capitalisation in the UK and in Europe and ranking fifth in the world.
NatWest offers personal banking, business banking, internet banking, mortgages, personal loans, business loans and a host of other financial services.
Warning: Parents' fault that kids are not saving money
Warning: Parents' fault that kids are not saving money
Wed, 06 Jul 2005
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