New study shows
It’s not just cash from the ‘Bank of Mum and Dad’ that adult children rely on, but ongoing withdrawals from the skills-bank too, as many look to their parents for support with everyday essential tasks – especially their mothers.
New research from Nationwide Building Society, which was commissioned ahead of Mother’s Day to highlight the ongoing supportive role mums play throughout their child’s lifetime, shows that grown-up children continue to rely on their parents long after they have flown the parental nest, with mums bearing the brunt of the burden. One in six (17 per cent) mothers continue to lend their adult children money, compared to less than one in ten (9 per cent) fathers – though dads are more likely to provide decorating or DIY expertise (11 per cent) than mums (4 per cent).
However, it’s the day-to-day help that mums provide that really makes their contribution stand out – almost one in six (16 per cent) mothers still provide cooking and baking to their adult offspring, compared to just two per cent of fathers, and more than one in seven (15 per cent) mums still wash or iron their fully-fledged offspring’s clothes, compared to just one in a hundred dads (1 per cent). One in ten (10 per cent) mothers still shop for their adult children and its grandma who provides the majority of childcare duties (12 per cent) – six times more than grandad (2 per cent).
But it’s the softer skills, imparted by mothers, that seem to be the most valued. More than a quarter (26 per cent) of children aged 18 plus say they most value the manners their mothers had taught them, with 30 per cent of men saying it was the attribute they most valued, compared to less than a quarter of women (22 per cent). Close to a third of young adults aged under 20 were among this cohort who most valued good manners (31 per cent). The top six most valued skills from mum include:
· Good manners
· Life lessons
· Family values
· Financial planning
Larry Banda, Nationwide’s director of financial planning comments: “It’s encouraging to see appreciation of the financial skills passed down by mums featuring so prominently. Careful budgeting and organisation of 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. It’s yet another example showing mum really does know best!”