Financially-dependent kids ‘hurting parents’ finances’

Parents are compromising their own financial future by supporting their kids for longer than they expected to.

Research by Wesleyan Assurance Socie…

Parents are compromising their own financial future by supporting their kids for longer than they expected to.

Research by Wesleyan Assurance Society has discovered that more than 50 per cent of over-40s will be giving their offspring money until they are 21.

On top of this, 80 per cent of respondents have yet to make any plans for financing the cost of care in old age, while two-thirds do not think they will be able to properly estimate this expense.

As a result of the Bank of Mum and Dad being relied on for an increasingly long time, UK adults could find they struggle to get by and end up facing debt pressures.

Indeed, those with elderly parents and financially-dependent children are set to be worse off than their own mothers and fathers.

Bridgit Richards, Wesleyan's head of marketing, said: "Our research shows that there is a generation who are supporting their children for much longer than they probably expected."

By Joe White

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