One in seven are receiving financial support from family members, a new survey by Royal London Ireland has found.
The data reveals that the figure rises to almost one in four amongst those aged 34 to 44.
On Newstalk Breakfast, Mark Reilly said the survey clearly proves that “family is increasingly becoming Ireland's unofficial financial safety net”.
“For many households, family support, it's not funding luxuries, it's helping cover life's essentials,” he explained.
“With almost half of the recipients in the Royal London Ireland survey saying that they're using the money for groceries, utilities, childcare, insurance and other everyday costs.
“53% of adults with children or grandchildren provide them with financial assistance.
“That's half of the people that are out there and it just goes to show that wealth is not distributed equally throughout the community.”
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At the core of people’s difficulties is housing, with rising rents and house prices significantly cutting into people’s disposable income.
“The average house price in Ireland back in the 1990s was around €89,000,” Mr Reilly added.
“The national median house price today is just under €400,000, which is 27.5% higher than the peak of the Celtic Tiger years.
“So you can see how people are finding it hard to get that deposit and having to turn to the Bank of Mum and Dad.”
Unsurprisingly, those in Dublin - where the cost of living is highest - are the most reliant on financial support, while the figures are lowest in Connacht.
Main image: An elderly man with Euro bank notes. Picture by: Alamy.com.
