No, a "sugar daddy" is someone who supports you financially (gives you money regularly). Usually, it's a boyfriend. There is also an equivalent term for females, "sugar momma". from wikipedia: "Sugar daddy is a slang term for a rich man who offers money or gifts to a younger person in return for companionship or sexual favours. "

sugar daddy = old rich guy with young girlfriend I haven't heard the term "sugar parents" before. Maybe the person has rich parents, or married a girl with rich parents.