The Fairer Sex to the Financial Rescue

For immediate release: 4th December 2007

Visit www.unbiased.co.uk/getsaving and become financially independent and Get Saving! to personally remain in control of your finances

Research by Unbiased.co.uk, the websitepromoting independent financial advice,today reveals that men have been less likely to lend money to their children than women - over half of women have helped out their children financially (52%) compared to only 40 per cent of men. Shockingly, a higher percentage of men have bailed out their mates than their children! (45% as opposed to 40%)

According to Unbiased.co.uk’s research, children in London are the most financially independent as they have been bailed out by their parents the least (29%) compared to the rest of the UK where on average 50 per cent of parents help out their children financially.  The top region for children to get financial help from their parents is Yorkshire & Humberside (57%).

 

Gender

% of parents who have helped out their children financially*

Men

40

Women

52

 

Region

% of parents who have helped out their children financially*

London

29

South East

48

South West

50

Wales

50

East Anglia

45

West Midlands

50

East Midlands

56

Yorkshire / Humberside

57

North West

47

North

49

Scotland

47

David Elms, chief executive of Unbiased.co.uk comments “It is clear from our research that the majority of women are the ‘softer’ parent that children rely on for financial assistance.  However, both parents in the London area appear to encourage their children to be more financially independent and do not lend money as frequently as parents up North.  It could be time for Northern children to stop relying on either of their parents and take personal control of their finances.    Unbiased.co.uk is encouraging people of all ages to Get Saving!, and be proactive in avoiding financial difficulties before they arise.  Try using the budget planner at Unbiased.co.uk or speak to an independent financial adviser to come more financially independent instead of relying on parents to bail you out.”

Unbiased.co.uk offers consumers a range of information and interactive tools at www.unbiased.co.uk/getsaving, to help them take financial control.  Visitors can also obtain details of local IFAs who focus on budgeting and saving. To find an IFA in your area, call 0800 085 3250 or visit www.unbiased.co.uk .

-ends-

* The Get Saving! 2007 report was produced for Unbiased.co.uk by RAKM, and is partly based on an analysis of Inland Revenue, ONS, DWP Family Resource survey, Bank of England and ABI data along with a specially-commissioned face-to-face consumer survey of 2,000 UK adults (16+), conducted by BMRB during October 2006.  With detailed queries on the report, call Paul Hersey at RAKM on 01737 216 940.  To view and download previous Get Saving! reports visit www.unbiased.co.uk/getsaving 

For further information please contact:

David Elms

Anna Schirmer / Jonathon Grove

Chief Executive

Lansons Communications

Unbiased.co.uk

020 7294 3682

020 7833 3131

 

For expert comment or case studies from over 200 media-friendly IFAs, journalists should call unbiased.co.uk’s Media Services hotline on

020 7294 3682 or search online at www.unbiased.co.uk/media

1.      Independent Financial Adviser Promotion

Unbiased.co.uk is the consumer brand of IFA Promotion, the organisation established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents around 9,000 firms of independent financial advisers across the UK, incorporating over 17,000 registered individuals. These individuals hold over 22,000 incremental qualifications which are each individually verified by the awarding body. IFA Promotion welcomes the prominent display of incremental qualifications and further developments into the credentials of independent financial advice. 

IFA Promotion is sponsored by 28 leading financial institutions, and in the past 12 months, over 575,000 consumers and businesses used unbiased.co.uk to find local independent financial advice.

IFA Promotion believes Independent financial advice should be:

·         Affordable. The option to take independent financial advice should be available, by right, to all- not just the wealthiest in society.

·         Convenient. IFAs should be available in the location of the consumer’s choice, wherever they live in the UK.

·         Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.

2.      Independent Financial Adviser Promotion’s sponsors

Aberdeen Asset Management

Lincoln Financial Group

Abbey

Lutine

AEGON Scottish Equitable Plc

National Savings & Investments

Alliance Trust

New Star Investment Funds

AXA Life

Norwich Union Life

Bright Grey

Prudential

BUPA Health Services

Scottish Life

Canada Life Ltd

Scottish Life International

The Children’s Mutual

Scottish Widows Plc

Clerical Medical Investment

Skandia UK Group

Defaqto

Standard Life Assurance Company

Friends Provident

Tomorrow

Invesco Perpetual

Unum

Legal & General

Zurich Intermediary Group

Registered Office: IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606

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