Parents still funding adult children may find they are faced with potential debt problems as a result, as new research has revealed that costs of this are expected to exceed £30,000.
Published by The Children’s Mutual, the findings indicate that 93 per cent of mums and dads are paying for those aged between 18 and 30, many of whom have not planned financially for this eventuality.
Commenting on the fact that 28 per cent of parents have either re-mortgaged or intend to because of this, chief executive David White noted that the study emphasises the “stark reality” of how much it costs to be a parent.
“No longer does turning 18 mean financial independence â€¦16 per cent of parents questioned expected their child to remain financially dependent on them into their 30s,” he said.
The Children’s Mutual was formed in 1881 and was designed to provide schemes for those in work to protect them against drops in income as a result of sickness and to help them have enough money for their retirement.
By Sarah Adie