SELF MADE SENSATIONS: 4.4 MILLION MILLENNIALS ARE DOING IT FOR THEMSELVES

London, 25 June 2018 – New research from online lender Sunny has found that 29 million* UK adults, (55%) have never had financial support from their family, debunking the idea that young adults rely heavily on the ‘Bank of Mum and Dad’.

The research explored attitudes of UK adults as a whole, as well as specifically those aged between 18-34 years old who have never received support from family. When examining the different age groups across the nation, even amongst millennials (18-34), who are regularly perceived to rely on the ‘Bank of Mum and Dad’, three in 10 (30%) have gone without any familial financial help at all. When looking specifically at this 30%, over half (54%) of them revealed the opportunity to receive financial help from family could have been an option, but over a quarter (28%) decided to forego it in order to be self-sufficient.

For those millennials who said financial support was available but didn’t take it, the main reason for going it alone was a desire to be financially independent (49%), and taking pride in supporting themselves (42%). Furthermore, a lot of their drive to be self-sufficient comes from not wanting to damage family relationships. Over a third (36%) state they are pleased that they don’t owe anyone they love money, and over a quarter (27%) are happy their family haven’t had to go without in order to help them.

In order to achieve their self-made lifestyles, these are the measures 18-34 years olds are taking:

Scott Greever, Managing Director, Sunny comments: “The younger generation tend to get a lot of stick for relying on their parents and other family members for help with their finances, and the Bank of Mum and Dad is widely reported to be one of the most generous lenders out there at the moment. Our research has found that this isn’t a totally accurate picture, and the drive to be self-reliant is clearly strong amongst millennials. It is admirable and a positive trend to see that 18-34 year olds are showing determination and restraint in order to support themselves.”

Amongst those UK adults who have had support from family, the biggest sums are often to help buy a house – this is the case for over two fifths (45%) over the past five years. Those who received this financial help were given on average £3,235 in total. Financial support for university or higher education comes in at an average of £2,073 and buying a car at £2,006.

The research found that the generosity of familial support means that some of these sums of money are being given as a gift, with families not usually expecting funds for weddings (63%) to be paid back. However, money given by family to pay off debts is more likely to be a loan (63%). Of the family members who are providing this monetary support, those who received financial help from family themselves are more likely to financially support their adult children (80%).

Corinne Sweet, Psychologist and Author of Stop Fighting about Money commented: “Becoming financially independent is a vital part of the ‘rite of passage’ of growing up. So, it’s not surprising that 49% of millennials have a desire to be financially independent, as remaining dependent on the ‘Bank of Mum and Dad’ can mean staying under family control.

“Young adults are generally more money-wise and money-aware than the older generations think. Of course, in the current economic climate, and with the younger generation struggling to afford to pay for life’s bigger milestones – it is understandable that parents and other family members want to help out their children financially. However, learning to handle money and support yourself is a crucial psychological process, and is especially important if family relations are tricky. Being self-sufficient is a huge self-esteem and confidence booster and one many young adults intuitively understand.”

You may be iterested in Corinne Sweet’s article https://sunny.co.uk/good-vibes/how-to-make-it-in-life-with-without-bank-mum-dad/