Just under half (46 per cent) of parents with children over the age of 25 are still financially supporting their offspring and do not expect to be debt free until they are in their 60s, according to new data from Engage Mutual Assurance.
Research by the financial service firm, which looked at the impact of the credit crunch on families over the course of 2007, also found that a quarter of adult children have to make contributions to their parent’s retirement to help them leave work and remain debt free.
The study also found that 88 per cent of couples would make sacrifices to ensure that their significant other remained financially comfortable, with 30 per cent prepared to cut back on luxuries to keep their significant other in the manner to which they are accustomed.
Karl Elliot, 3GB spokesperson for the firm, comments: “Rising costs in Britain mean that not only do families need to plan ahead financially and carefully manage their money, they are also turning to each other for support.”
In related news, Prudential recently advised consumers to make arrangements to ensure they do not run into debt after they retire.