Do you receive financial help from family members?

0:00Lunchtime Live with Andrea Gilligan on News Talk. You're listening to Lunchtime Live with Andrea Gilligan. It's 1800 453 106. That's the number if you want to join us between now and two this afternoon. We're going to talk about this Dublin Rip Crisis Center survey that's out today because almost half of men under the age of 25 years of age in this country believe that there are a lot of false rape allegations and they're such striking and worrying statistics. We're going to talk to rape survivors on the show today after one to get their views about that. The email is launched on live at newstalk.com. They're clamping down on the landlords of derelict buildings in the UK. I mean, one way to try and force landlords to do something about derelict properties is it something that we should follow suit ahead of the budget and we're asking you to do your own company or the company the business you work in. Do they offer pepper even leave because it seems that more businesses across the country

1:03are doing just that. 087 1400 106 is always that is the WhatsApp number close to one and four young working adults, young professionals in Ireland are getting financial support from their family members. And our reporter Henry McKean was out talking to people today about just this. How do your parents help you out financially? When I ring them in desperation, they do answer but I'm very lucky that they do and I think a lot of people don't have that luxury. How difficult is it for a young person right now to get by without help from their parents? I mean, I went to college but the older I'm getting, I do think it's kind of a scam because you're kind of promised this outcome. You study for many years, you borrow money to usually pay for your studies and then you graduate and there are no drops. There's a supply and demand does not match so it's kind of you're walking into debt. So you work hard, you think there was going to be a rainbow that's no rainbow?

2:03No, right. Yeah and I think a lot of the middle jobs are gone so there's either the minimum wage jobs or you're the CEO of the middle men are gone. It's scary. Yeah. So you bring up Mamadad and say can you give me a loan? For a thousand times yet. Well as far as I'm looking after my Mamadad's part, my boat. While you pay my bills and support, give me food and for your own company, rent or anything like that. Well yeah, I'm looking after being in a situation where my parents look after you. Do you think one day you'll become fully independent or do you think it's going to be many years of asking them for a loan here and there, a long term loan? I suppose I won't be looking for a house until I'm in my third year, it's probably a stage. I help pay travel fees and you know obviously ride me the food at home. What about health insurance and stuff like that? Yeah, of course health insurance and current insurance as well. Do my parents help me pay bills? No, unfortunately not, I wish. So you pay all of it yourself? Yeah, yeah. But obviously I'm receiving accommodation and stuff from them.

3:06But you know I pay towards rent and stuff like that myself. Do your parents help you pay your bills? I've already paid some pay my bills and I helped them as well. So it goes both ways, you both help each other. So sometimes you might have money, sometimes your parents are struggling and you help them. Yes, that's just a flavour of people on the streets earlier this morning talking to Henry McKeen about this research that was commissioned by Royal London Ireland. They surveyed about 1,000 people. We want to survey our list. There is 1,800-453-106, the number. Ivan is on the line today. Ivan, you're not your child but I suppose your Adelaide child is 24 years of age. Do you give them support? Hi, Andrea. How are you? Good. So I've got my twin that are 13, my oldest boy is 24. So he's in a final year of an apprenticeship to be a plumber. So the college fees and all the stuff that goes along with that. These are things that I would help out with and lend them to, like I see more like a London facility because he has to pay it back and with no interest obviously.

4:09So to make them independent, if they want loans like big loans they have to pay it back. Luckily I'm in a position that I can lend. Luckily, there's a lot of parents that wouldn't be in that position as well. They're like the holidays, I wouldn't do loans for that because I think that's more of a luxury. But the type of college fees, work tools, car, I helped them with a bit for that. But you say independent and he pays like all the other stuff that tax he contributes to rent at home. He helps me with the younger siblings. You know, and look what he has a lower rent at home, but it still has to be a contribution to that. Bill's, you know, so he, it's a bit of both. He helps me and then I can help him. Luckily in that position. But as I say, maybe parents don't have that extra cash to help their kids. I think often when we talk about this, Ivan, too, you know, when you hear the stats today about one and four young working professionals getting some kind of financial help and more often than not when we chat about this, I mean, usually in relation to kind of a house

5:12deposit or perhaps maybe the likes of a car loan or a college fees, but even in some of the people Henry was talking to and as part of this research, I mean, it's not just those big ticket items like some of the people who are talking about, they actually just need help with Bayon Weekly groceries. It's the utility bills. It's the home insurance. It's the car insurance. It's the health insurance. It's the childcare fees. It's actually just day-to-day support in it. Yeah, absolutely. You know, luckily it's not childcare at my son. It's more work than you think in other future. So obviously I will absolutely 100% help with that. You know, my parents would have been the same. They wouldn't have the money, but they'd help in other ways. You know, and they lived there and they paid your bills. We didn't really have to contribute to bills years ago. Now everything's inflation has just gone through the roof. There has to be some level that they contribute as well. So I think if you're getting something like a collaboration or something, you have to teach them about independence well, but if you're talking to them with the groceries, if they're living independently, people are struggling so much for sure.

6:16Absolutely. Yeah, the tax risk is wondering to the parents fund weekend party and you don't even, as you say, and I'm sure they've glad you've done the don't. I think that's a luxury and like holiday, if you want to stay up, that's a different kind of fish. And I think anything related to work or college, absolutely. If you can't parent what? Hillary's with us too, Ivan. Hillary, you got in touch with, with news talk about this. Are you surprised to hear that one and four young working professionals are looking for some kind of help from their folks? I am and I am and as I said, like I bought my 80's time 10 years ago, which isn't as I think people say like, oh, 20, 30 years ago, you could do, you bought your house and maybe one income and things like that. But like in 10 years, you're going to be in just my age. Like the prices have gone off three times. But like we just haven't gone off three times, you know, to respond to that. And like the same as they're listening to saying that they think there's been a huge increase in like the amount of money for going for groceries and bills, childcare and

7:20again, like that, the insurance. But I'm not in shock. I just look at other people and thinking, how are they paying these more of it? It's a huge price. Along with all the basic of groceries and utility bills. Just stick with me Hillary for a moment because I just want to make sure that we catch everything that you're saying. And just hang on there to just check your phone. Nine if you can for a minute. Oh, 8, 7, 1400, 106 is the WhatsApp number. And Amazon, the line. And you're a personal finance content creator. Also when you're 30s, is that right? That's right, Andrea. I'm 37. So I'm kind of past that point, but I was really, really shocked to read this statistic this morning. So just I thought the age it's 34, 34 to 44, one and four are still receiving financial and help from their parents. And as you say, in those days, they items, utilities, the childcare, like I was quite shocked to read that. I think we're all sort of used to hearing people, you know, in their 20s when they're going through college, they're getting set up in their careers.

8:21And then obviously with high-stabbed things like that, I think that's quite normal in our society at the moment. But I think if a cohort of people who are, you know, 10, 15 years into their career can't cover those day to day items, I think we're, you know, in quite a dire situation. Well, it's day to day living. They can't cover the needs of almost. I know. Absolutely. And I think it's a huge kind of indication of the cost of living crisis. And I think we've all been talking about this for many, many years. But I think, you know, what I could also maybe indicate as well is the sort of financial literacy crisis that we're currently going through in Ireland at the moment as well. So there is like research done about the OECD, about 43% of our people don't meet the standards of financial literacy. So could that kind of play into it as well? You know, where people just not being kind of taught the tools and the measures that they can kind of put in place to sort of manage what is coming in going out a little bit better as well. Maybe falling onto parents who, you know, have maybe kind of built that wealth, you know, through the boom and, you know, the stock market has been absolutely booming for the past

9:2110 years. There are pensions there maybe doing quite well. And they're in the position to help their adult children. But I just think it's, yeah, very, very shocking. I'm not that this morning. One and seven also reports getting financial help to say for a deposit for their house and when it comes to those in the 25 to 34 year old age group, this rises to one in three. Getting support. To build up that deposit. That really doesn't surprise me at all to be honest. And, you know, I think, you know, if I kind of, you know, just anecdotally looked around at my group of friends, I think that would be quite normal. And I think especially in the past maybe five years, like we bought our house five years ago, it's literally climbed here on year. I think this is the first year that maybe house prices are evening out, but it's just impossible for young people to get on the housing market. And women too, women are slightly more likely than men, you know, to be in receipt of this kind of support. Are you surprised to hear that? I think, look, I think with these things, you maybe have to take them with the pinch of salt. I think I'd like to maybe understand a little bit more into the statistics, but yes, I think there is a massive gap between men and women in this sort of space, both kind

10:22of like literacy wise and obviously got the pension gap, the pay gap, all that kind of still so think, you know, huge kind of call to action for the government to support women in sort of building their own wealth as well. Are you surprised to hear that, Hillary, that it's more females in this country in the 30 to 40 age group that basically need some kind of financial help and just general support with keeping their head above water? I don't know, don't really know how to come up on that one, it was, as I said, it was 10 years ago when I bought my own, but I've answered there, there's just even the last five, the last 10 years, like the basics, the more I've just gone off to such an exorbitant age, like I look at what I pay every month and I think actually the best advice I got to someone like, what can you pay every month because you do that 12 times a year for our maybe 30 years. I bought it both when I bought it just seems to be in a very different time to what it is now. I just, as I said, I see it for corporate and for individuals trying to buy you now and

11:25to see like how much it going out there accounts every month for the basic, look over their page. And then it's looking at what's what's left, Hillary as well, isn't it? Exactly. And trying to. I'm trying to have customers in crisis, customers in challenge, but I just think looking at what has to go out every month is just climbing and there seems to be something in this one for us to make. I kind of just made an order before and we had joke that I bought my head on 49th and page, but I don't think it's 49th and page four, it's all 19th and so that's a little bit of a problem. I'm for designated it definitely as a challenge for I don't have like I suppose the cost of what people have now. For more of a tree, I just think how will people be able to do this more of a tree and then having to pay energy bears with just climbing, crash bears which are not in address where they are going. And I do have a huge, many people who have huge communities costs in time.

12:25So I just, I've been nothing small that all I do for the month, who I am in a place of privilege for us. I just think there's a lot of people struggling. Listen, here tells me we have children in their 30s and their wages wouldn't cover any kind of comfortable lifestyle at all. They're highly qualified and full-time jobs, but they are really struggling. Not surprised to hear these statistics today. Another listener just making the point that you know, when you look at the number of young adults in this country, they won't own their own home until they're at least 40 years of age. And the impact of that, I mean, I know myself bears out among my own friend group. You're not in a position. There's no way most of my own friends would ever be able to consider retiring under the age of 70 because we're all going to be paying mortgages to that and even more. And Claire Ronan is with me on the line. You're a parent, broadcaster. You've kind of children in this age group we're talking about. I used to surprise to hear that so many young, abled professionals in Ireland are getting this kind of help from their parents. No, I'm not at all.

13:26I think it's very difficult for them at the moment. And actually it was interesting in the study as well. They said that there was a more in the Lenscher area. So obviously trying to get a house around Dublin is really expensive. And if they're paying rent, how are they supposed to save up for the deposit of a house? You know, it's like a rat race. If you're paying renting an apartment and trying to save for a house, it's very, very difficult. And that's where a lot of parents are actually stepping in, I think, trying to help out with the deposit on a house. But also remember, a lot of those parents at that age are retiring. Say they had that child when they were in their 30s. And they have been saving their whole working life for this stage of their lives in their 60s, where they're retiring. And maybe they'd be able to go on a little bit more of a holiday or, you know, relax a little. And unfortunately, in a lot of cases and a lot of my friend group and a lot of people that I know my age are cutting their own lifestyle to help their children because nobody, no

14:31mother and father wants to see their children stuck. And you know, as you said about groceries, like I have a daughter who's got a very good job and well qualified, like the other callers there too. But she broke her ankle and she has health insurance, but she had to pay for everything and then claim the money back. And there was a couple of hundred quits. You know, I mean, there's no kid, no young person in their 20s can afford that a month. You know, if they didn't have somebody, they'd be lent. No, no, no. No, no. No, no. No, no. No, no. X-rays, scans, consultant appointment, A&E visit. I mean, you should have, you're at the gods of seven, eight, nine hundred quits. Yeah. Exactly. And that's just a blip of a month, you know. So a young couple with a baby going into childcare, paying rent, I am not surprised that the parents have to help more in the old and times Andrea's was more that the children helped the parents, you know, when I was growing up, like you treated your mom and dad or whatever if you could. But now it's the other way around.

15:31And I mean, I have another friend who got a loan to get a new kitchen, for example, but her son was really stuck and she gave him that money and didn't get a new kitchen. I wonder about that. You know, for parents, with the kids, there are little kids in their 30s and 40s, like do they nearly feel, and there isn't, by the way, but I do wonder, do they nearly feel that there is some kind of expectation on them to dip in or raid their own pension part to support the kids? Yeah, I say they do. Because in your core as a parent, you want your child to be happy and healthy and fed and dressed, you know. And as that caller said, you know, very good point about the qualification went to college, did all of that. There's a big cost to go into work every day. You know, if you're putting your child into childcare and you're using public transport and, you know, there's a lot of, it's expensive and having yourself dressed well and all of that sort of stuff. And maybe you don't finish on time and you have to get a baby, so you're just like the

16:32pressure that they're under is horrific now. You know, and a lot of it has to do with the houses and the lack of houses and the lack of affordable housing for people in that age group. Katie, Mark of the Opinions Matter Podcast is with us here too, Claire, on the line. The interesting text from a caller here, Katie, who makes the point that, you know, while 25% of these young professionals add, add, add, miss to need and financial help, it also suggests they're 75% that are doing just fine. Yeah, hi, Andrea. How are you doing? How are you doing? I have a bit of an issue with this because obviously, you know, things that are hard, you know, the price of fuel, the price of living, everybody's kind of, you know, feeling that at the moment. But at the same time, I'm kind of like at some point, you need to have financial independence. You know, your parents have done their job and look, if my children came to me when they're in their 30s, obviously I would help them. I wouldn't say no, I wouldn't see them stuck, but I wouldn't, I would try everything I could do not have to ask because my parents have done their job, you know, they've raised

17:34me. I don't even know, you know, the people who are gone ask my parents for money, how many of them smoke and drink and everything else. And then for the more, everybody has this big obsession with living in Dublin, like you could your cloth meet your needs. There's a lot of people working from home and working remotely, like what's stopping them moving the little bits and the country to something that's more affordable? So, do you take it to the sacrifice? It's a bit sacrifice, is it a choice? I think there's a little bit of that. No, I do know people are struggling and obviously you wouldn't want to see somebody who can't pay their electricity bills or buy food or whatever. But, you know, there's also a little bit of cutting your cloth to meet your needs. Like they had to do is when money was scarce, when you know, things back in the old days, when people weren't as financially comfortable as nowadays. I just think that a lot of people in their 30s and 40s aren't just for health now, it's nearly like a subsidy from the Bank of Mami and Daddy. And I think at some point you kind of need to say, right, I need to do this myself. And particularly if it's an ongoing thing, like lights that live in Dublin, if you're working from home, you don't need to live in Dublin.

18:36Move a little bit outside of Dublin, cut the cloth to meet the needs and make it work for you, rather than relying on your parents. Just because you're an adult doesn't mean your parents are financially in a great place either. And I just don't think it's fair after your parents have raised you and put you to college and all of that to expect them to subsidize your life now. There's a lot of people leave on in agreement with Katie here on whatsapp today about that. He's still with the Sivan, you can hear me know as Ivan there, no, Claire Ronan, you're still there. I mean, what's your response to Katie? In a way, Katie's right. Yeah, I agree with her. But I don't know anyone in that age group who would go to their parents unless they were totally stuck. I don't, I wouldn't, my children are independent financially, but you know, I think I did hear one of your listeners and she's right. I mean, I wouldn't pay for drinking or, you know, going out, parsing or any of that. Or, you know, and I think most parents would probably be similar in that way.

19:40It would be desperate straits for somebody to go to their parents. I presume. I do think that educationally, I think we should do an awful lot more about money during the school term, like for even in T.Y. I don't think that people are told enough of the practical skills of how to budget, how to manage your money, how to feed a family on a certain amount. You know, that's an important life skill that I don't think we concentrate enough on in schools, but I don't think people are going to, well, look, I don't know, they're probably are, but I think with the survey like this, it's eye opening that there's a change. I don't think people are going when they're using it to party and go to festivals. And if they are, the parents are shouldn't be giving it. Yeah. And I should say to Katie, just on, you know, your own point on this today, like another listener making the, just making that very same argument here and what's happened? Oh, it's 7,400, 106.

20:40Like at some stage, the bank of Mum and Dad has to dry up. They're not, they're not full. I mean, at some point you have to take, you know, kind of take responsibility and be financially independent. They have to do it. You know, their parents before them had to do a lot harder. And also then I know a lot of people in their churches and even in their four, she's who are living at home with Mummy and Daddy. And I understand it's hard to get a mortgage and all of that, but like they're not even paying off anything. They don't feel like they have to contribute anything because it's my parents. It's like you should feel be contributing. You should be given something. And, you know, I kind of think with those parents, I'm like, what do you do? And take something. If there are, you know, a lower wage, just it's not about the money. It's more about keeping them to be financially independent. Just one final text on this, listener makes the point today. The tickets for a waste is its link, Hassel sold out in record time for two nights. Dublin Airport has reached its highest figure as ever. I'm not suggesting what age group is flying through the airport all of the time and look at the number of coffee shops that are opening in every corner of the country. Young people have no problem spending hard earned cash as this listener.

21:45Email is lunchtime live at newstalk.com. We leave it there for the moment. Kasey Claire and Hillary Yvonne, thanks a million for sharing your thoughts with us.