Study Shows Many Filipino Parents Still Give Financial Support to Grown-Up 'Kids'
When does a parent's duty to provide financial support to their fully functioning adult children end?
A consumer survey done by market research firm Kantar TNS reveals that "one out of every two parents across the globe supports children well into adulthood, with some of them unable to cut the financial umbilical cord even when their kids turn over 30," reports Doris Dumlao-Abadilla in Philippine Daily Inquirer.
The consumer survey was commissioned by HSBC for "The Power of Protection Study: Facing the Future."
The report notes: "The research represents the views of 13,122 people aged 25 and up who were surveyed by market research firm Kantar TNS across 13 countries and territories between March and May 2017."
It's worth noting that among the parents who support adult offspring, 61 percent "recognize that their children should already stand on their own feet financially." Yet, these parents sometimes still end up paying even for their children's vacations.
The report further points out that "parents in Asia and the Middle East are generally far more likely to subsidize children into adulthood than those in Europe and the Americas."
Kris Werner, the head of HSBC Philippines, suggests that Filipino parents still support their fully functioning adult children because family is the "most important social group in Filipino culture." It's "almost natural" then for the parents to still be the providers, with many of them feeling good about it.
This story originally appeared on Cosmo.ph.
* Minor edits have been made by the Esquiremag.ph editors.