Family Support Network
Families depend on one another at all stages of life. OneFamily surveyed 2,218 members of the public to find out how different generations support one another financially, and what that money is spent on.
Worryingly, nearly half of people (48%) who have provided family members with financial support told us they have done so just to help cover daily living costs.
But we also found that 17% of people help their family members to cover the cost of education and training.
Providing financial assistance for major life events, such as weddings (11%) or buying a home (15%), was also a common reason.
12% have offered financial assistance to provide support during a career break or period of unemployment.
Mums and dads are the most likely providers with 55% of respondents saying they received support from their mother.
Some of the reasons people provide financial support to their families include:
Find out which family member people have provided financial support to, and who they've received it from.
48% of people said they don't feel they have enough money set aside for everything life can throw at them and their family.
Only a quarter (24%) feel they have enough to meet their family's future needs.
However, when it comes to managing money, it seems family comes first for many people - 40% would consider dipping into their savings to provide their family with more financial support.
Nearly a quarter (24%) of people would like to be able to support their families more than they currently do - and government incentives could help. More than half (51%) of people would be more likely to save money for family members if there were government incentives to do so.