Mothers are more likely to give their children a helping hand with money Credit: Gareth FullerÂ /PAÂ
TheÂ BankÂ ofÂ MumÂ and Dad has been replaced with theÂ BankÂ ofÂ Mum, according to a new survey that suggests that mothers are more generous with handouts.Â
One in six mothers (17 per cent) will their grown-up children cash to help them out, compared with only one in ten (9 per cent) fathers.
The research by Nationwide Building Society also found a similar proportionÂ ofmothers (16 per cent) will still cook and bake for their sons and daughters once they reach adulthood. The figure for fathers is just two per cent.When looking for cash, it might be best to ask mum first Credit: AlamyÂ
Around one in seven (15 per cent)Â ofÂ mothers still wash or iron clothes for adult offspring, unlike fathers, one per centÂ ofÂ whom said they would do the same.Â
But fathers are more likely to pass on their DIY expertise (11 per cent) than mothers (four per cent).
Larry Banda, Nationwide's DirectorÂ ofÂ Financial Planning said: "It's encouraging to see appreciationÂ ofÂ the financial skills passed down byÂ mumsÂ featuring so prominently.Â
"Careful budgeting and organisationÂ ofÂ finances can make a huge difference to both wealth and wellbeing - and learning to prepare for a rainy day, as well as bigger purchases to come, can make the difference toward achieving your goals in adulthood."Fathers are more likely to pass on DIY knowledge Credit: AlamyÂ
Nationwide surveyed 2,000 people.Â
Young adults are increasingly having to rely on parents and other family members to help them out financially as the costÂ ofÂ renting and buying property becomes increasingly unaffordable.
Research last year found that one in 12 properties bought in the UK is partly funded by a gift from family or a friend. For first-time buyers, the proportion needing help with their deposit is even higher, at 17 per cent, according to the study by conveyancer My Home Move.Â
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