Malaysia has fourth highest number of parents supporting adult children
Parents are spending a third of their disposable income to support their grown-up children and less on themselves to provide more for their families
By Adela Megan Willy
Malaysian parents ranked fourth in the world for financially supporting their children into adulthood, after the United Arab Emirates, Indonesia and Mexico, according to HSBC Holdings plc’s latest survey.
“The Power of Protection: Facing the Future” study found more than half or 57 per cent of those surveyed with children over 18, are still providing regular financial support to them. “This is despite most of the parents believe their grown-up children should stand on their own two feet financially,” said HSBC.
The study, conducted between March and May 2017, surveyed 1,000 people in Malaysia aged 25 and above from a nationally representative online sample. The study highlights parents’ ongoing commitments to their children, as well as the younger generation’s financial pressures.
HSBC said the study in Malaysia shows it is very common for parents to be supporting their children well into adulthood. “Almost half (50 per cent) of those supporting an adult child have been doing so. Education is where most parents (69 per cent) are providing financial support, while 41 per cent of them are helping with daily living costs such as utility bills, groceries and home repairs.
“They are also helping with medical and dental care (38 per cent) and rent or accommodation costs (27 per cent). Over one in four (29 per cent) are even helping to pay for holidays,” it added.
Most of the parents supporting grown-up children feel good about helping their family members, with 62 per cent feeling appreciated for the support they give to others and 63 per cent feeling they are a good provider for their family members.
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