The study formed part of research by www.MyVoucherCodes.co.uk, who wanted to discover more about the attitudes of Britons towards taking cash from their parents or grandparents. 1,721 employed UK adults were polled in the study and respondents were asked questions about their own ways of bringing in money aside from their monthly earnings.
When asked, ‘Do you still get cash handouts from your parents from time to time?’ 62% of those polled said that they did. They were then asked if they believed they would ever stop taking handouts from their parents, if offered, to which 72% admitted that they wouldn’t.
The respondents were asked, ‘Do you still get cash handouts from your grandparents from time to time?’ to which 24% said ‘yes’. Similar to the previous question, they were then asked when, if ever, they would stop taking the money offered to them during their grandparents’
In order to find out how much these cash handouts were worth, MyVoucherCodes.co.uk first asked what the average amount the respondents received from their parents was, each time. According to the poll, the average amount of money received by British adults from parents accumulates to ’£15.30’ per occasion.
In contrast, the amount given by grandparents as handouts worked out, on average, to be £5 per time; according to all answers provided by respondents.
Total respondents who admitted that they did take cash handouts from their parents or grandparents were subsequently asked why they did so. The majority, 53%, said their relatives ‘wouldn’t let them say no’, whilst 11% admitted that they ‘needed the money’. When asked, ‘Do you feel bad about taking money off your parents or grandparents?’
Mark Pearson, chairman of MyVoucherCodes.co.uk, commented on the findings:
“I think parents and grandparents always feel a sense of duty to look after their children and grandchildren and like to help them out with money here and there; whether it be actual cash handouts or just buying them something from time to time.
“I was surprised to see that many planned to never stop accepting the money from their parents and grandparents, but then when you look at the main reason why, being that they weren’t allowed to say no, it’s a bit easier to see why. As long as you don’t rely on this sort of money, I think it’s OK from time to time. Ensuring you don’t need to rely on it can be easily done by making sure you live within your means and take advantage of discounts and deals when they become available.”
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Mark Pearson, chairman of MyVoucherCodes is a regular media contributor regarding online shopping and the credit crunch. At 30, his personal worth is more than £30 million. Mark was previously a trainee chef working for Gordon Ramsay at Claridges, London.
Mark appeared as a ‘Secret Millionaire’
MyVoucherCodes has had sales exceeding £481m in the last year
Consumer savings on online shopping via MyVoucherCodes.co.uk up from £28m in 2008 to £52m in 2009.
MyVoucherCodes is the UK’s most popular discount site.