The cost of living crisis in the UK is set to threaten traditional financial support structures within families, suggests research from Canada Life.
Based on the responses of some 2,000 adults in the UK in mid-April, the findings suggests that nearly half, 48%, of those who already financial support relatives or could do so believe this will be harder in the coming 12 months, or not possible at all.
Almost three-fifths, 58%, of adults with living parents say they would find it difficult to offer financial support should their parents need it, while almost half, 47%, say the same for their adult children. More than half, 55%, say the same for their adult grandchildren.
Over half of UK adults, 54%, are not only concerned about the impact the rising cost of living will have on themselves, but there are also growing concerns about the known effect it will have on the wider family, including their children, 53%, parents, 46%, or grandparents, 45%.
But discussing money within UK families remains a strained topic, the research further suggests, with nearly three-quarters, 74%, stating that they would not feel comfortable asking for financial support from family or friends.
Andrew Tully, technical director at Canada Life, said: "Financial support from family members has long been a helping hand for many, including the Bank of Mum and Dad which has played a significant role. However, the cost of living crisis means we may well start to see a reverse in this trend. As inflation continues to soar, families are being forced to make tough financial decisions that could impact themselves and loved ones."
"For those wanting to gift money and worried about the impact this could have on their future finances, speaking with an independent adviser is a sensible place to start. These professionals are on hand to help navigate difficult conversations and provide you with a holistic view of your finances over the short, medium and long-term, ensuring you feel comfortable and confident about the choices you make."
