UK, 18th May 2016– Experian research published today reveals that a third (33%) of British parents (who were able to provide financial support to their children) have been put under financial pressure as a direct result of bailing their independent children out financially.
On average, parents surveyed have stumped up over £6,000 to help their ‘financially independent’ children out and it seems that a lack of basic money management skills is often to blame.
72% of parents who were able to provide financial support to their children have drawn on their own personal savings or had the flexibility to draw on their regular income (36%). Just over one in ten (13%) of parents surveyed had to rely on credit to be able to access the cash required.
Sarah Willingham consumer champion, Mum of 4 and BBC Dragon, commented: “Without doubt any parent would do whatever they can to help their child when needed. But when it comes to offering financial support, without giving our children the tools they need to understand how to manage their money later in life we can’t assume that they will just pick it up – especially knowing that most never receive any financial education in school.
“Financial education needs to be higher on the Government agenda as the benefits of developing a more financially capable society would create more engaged consumers with better employability and greater entrepreneurialism.”
Clive Lawson, Managing Director at Experian, said: “These results show the extent to which many ‘financially independent’ adults are still struggling to take control of their finances. As the UK’s largest credit reference agency we bear witness every day to the benefits that can be experienced from knowing how to manage money and credit well and also the hard lessons learnt when people get caught in a cycle of unaffordable debt.
Parents have such a crucial role to play in helping shape children’s attitudes and behaviours towards money but it is a big responsibility and they don’t get enough support. Many of us learnt how to manage money well the hard way, but our children can benefit from these lessons if we can find the right way to teach them this essential life skill.”
Recognising the importance of helping children learn essential money management skills early in life, Experian and Sarah Willingham have partnered to develop Jangle, a non-commercial free app that has been Quality Marked by pfeg (part of Young Enterprise) the UK's leading financial education charity.
Jangle is for children aged 7 -11 and is a fun and easy way to teach how to manage money well while helping them save for the things they want. Activities within the app have been developed to address all relevant key learning stages in financial education including the value of money, saving, budgeting and being a savvy consumer.
Priya Sahib, PR Manager
T: +44 (0) 20304 24573 M: +44(0)78 1649 1152 E: email@example.com
Notes to Editors:
Research methodology: All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 4240, of which 1693 were parents with children aged 18+. Fieldwork was undertaken 25th - 27th April 2016. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
About Sarah Willingham
Sarah is one of the UK’s leading businesswomen, consumer champion and BBC ‘Dragon. She is as passionate about her home life and being a smart consumer as she is about her businesses and providing the best customer service.
She applies her innate business savvy at home and is regularly asked to share her consumer expertise on national TV and in the press, becoming one of the best--‐known female consumer champion in the UK. Sarah lives in Oxfordshire with her husband Michael and their four young children: Minnie (9), Monti (8), Nelly (6) and Marly (4).
We are the leading global information services company, providing data and analytical tools to our clients around the world. We help businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. We also help people to check their credit report and credit score, and protect against identity theft. In 2015, we were named by Forbes magazine as one of the ‘World’s Most Innovative Companies’.
We employ approximately 17,000 people in 37 countries and our corporate headquarters are in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2016 was US$4.6 billion.