Debt problems may remain for harder-pressed parents

Parents who have debt issues may find it is harder for them to tackle these when they have adult children than might have been the case a few years ag…

Parents who have debt issues may find it is harder for them to tackle these when they have adult children than might have been the case a few years ago, as an expert has noted their offspring now tend to remain dependent for longer.

Judy Reith, a parenting coach and author at Parentingpeople.co.uk said: "Parents are finding that their wallets continue to remain empty for longer as children leave school or university and have no jobs waiting.

"If they are in work, then the starting salaries, coupled with repaying student loans and high rents, make it financially impossible for young people to set up their own homes."

Such dependency could make it hard for adults hoping to pay off credit card debt or loans quickly to do so, as they will keep on having to dig deep to help struggling youngsters.

Ms Reith advised that parents of school-age children should try to teach them financial skills to minimise their dependency levels when they are at university or have just graduated.

And she warned adults to be aware that student children may be more likely now than before to opt for further studies instead of seeking a job, due to the current weak state of the jobs market.

These concerns may be heightened by the recent rise in the number of people out of work, particularly among the young.

Official unemployment statistics published this week showed 2.64 million jobless in the UK, including a record 1.03 million 16 to 24-year-olds.

Young people accounted for 54,000 of the extra 128,000 finding themselves out of work in the three months to October.

By Joe White
 

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