Four out of five young Scots relying on ‘cash point parents’

Cash flow: More young adults require hand-outs from their parents.© STV

The percentage of young adults relying on hand-outs from their parents has gone up in the past 20 years, according to a new report.

The Bank of Scotland's Family Savings Report said the rise of "cash point parents" was driven by the belief that going to university and buying a house were essential to maintain living standards.

The study over 1500 adults found that four out of five young adults (84%) in Scotland turn to their parents for financial support, compared with just 61% of UK young adults in the 1980s.

Over two thirds (71%) of respondents believe that a university education is "essential"; similarly, over half (55%) agree that helping children buy their first home is also vital.

But almost half (47%) of young adults in Scotland receive their parents' help with day-to-day living expenses such as rent payments - compared with 18% of UK young adults in the 1980s.

Greg Coughlan, head of savings at the bank, said: "Much has been said about the bank of mum and dad in relation to the cost of getting on the housing ladder, but it is clear that Scottish young adults rely on financial support from their parents for a lot more than this, including day-to-day items.

"What's more, this support means that parents are getting a greater say in the life choices their children are making, therefore have a greater influence on family life."

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