St George reveals parents 'concentrating on paying credit cards'

Significant numbers of adults are turning to their parents for help with managing credit cards and other financial commitments, new research shows.

In figures published by St George - which includes the St George Vertigo credit card and St George Platinum credit card in its range of credit card products - some 72 per cent of those mums and dads with grown-up children have provided monetary assistance to their offspring.

And despite the ongoing financial downturn, 62 per cent of Generation Y claims they still expect their parents to provide help with money, although the majority of baby boomers note they are increasingly concentrating on their own fiscal position.

This is seeing 24 per cent of people with adult kids concentrating on paying down credit cards and other kinds of debt, with 48 per cent looking to increase the amount they put into saving accounts.

"With the increasing pressure their parents are under with the global financial crisis, I strongly recommend that Generation Y take a more active role in managing their finances as they will be less able to turn to their parents for help," Andrew Moore, general manager of retail bank distribution for St George, states.

Those looking to manage their money may also be interested in recent St George research revealing that 35 per cent of those receiving cash from the government's financial stimulus programme plan on putting such money towards reducing credit cards and other forms of personal debt.

Written by Ashley King