MORE people are relying on their parents for a handout, a new study has found.

An increase in rent prices, coupled with fewer jobs, has led to the majority of north west parents bailing their children out of debt, research by TopCashback found.

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More than two-thirds of parents still have their children living at home over the age of 18 without charging them rent. And more than half said they would not trust their offspring with their personal credit cards.

A spokesman for TopCashback said: “When asked what they believe to be the most effective way of teaching children about money management, 58 per cent of parents claim giving them an allowance and making them budget their own spending has been the best approach.

“This compares to 29 per cent of parents who have used household tasks to teach children about money.”