Almost two thirds (65%) of parents with children over the age of 18 have not spoken to them about the cost of living crisis, TopCashback has found.

The firm’s How Britain Spends report revealed that a third (33%) do talk about what things cost, with a quarter (25%) discussing the topic of saving for the future.

Furthermore, less than a fifth (16%) of UK parents have talked about broached debt or borrowed money to their adult children.

The research also uncovered that more than seven in 10 (73%) of those with children over the age of 18 also don’t talk to them about bills, with over eight in 10 (85%) not speaking about mortgages or rent.

Overall, 71% of adults said they like to avoid the topic of money in general, with the top five most avoided money topics being mortgages (86%), debt (85%), inflation (83%), budgeting (77%) and bills (74%).

TopCashback’s report comes as almost half (46%) of parents admit to feeling anxious about the cost of living crisis at least once a week. A further 36% say they feel overwhelmed and 21% feel scared.

UK director at TopCashback, Adam Bullock, said: "Despite the cost of living crisis impacting so many people, parents aren’t discussing the effect of this with their children. We found that even those with adult children are shying away from the tough topic.

"While it’s encouraging to see budgeting and the price of everyday items spoken about more frequently, the fact that so few are talking openly about debt and the cost of living is worrying – especially for the children who are likely to be starting to live independently.

"Money has long been seen as a taboo topic, particularly by Brits, but it’s prime time to break that stigma, especially amongst loved ones. For those with children over the age of 18, this is arguably even more crucial as they enter adulthood. With the cost of living continuing to put a strain on household finances, the more we can do to help people understand how to be savvy with their money, the better."

Share Story: