Parents ‘must manage money’ to pay for growing children

Parents are being advised to conduct debt management in order to help them cover the costs of supporting their children in later life.

Family finances are increasingly stretched when younger generations begin to reach adulthood, notes M&G Investments.

“As a parent myself, I am very aware of the demands that children can make on your finances,” remarks Jonathan Willcocks, managing director of global sales at the firm.

He recommends that investing regularly in a managed fund can help people to ease the strain caused by growing children.

Factors that can increase expenses for a family as their kids get older are university costs, cars and weddings, the company states.

The credit crunch has affected parents ability to budget for such events, meaning that many people are starting their adult life burdened by debt, it added.

A recent survey from Norwich and Peterborough Building Society found that 21 per cent of people would rather turn to their parents for debt advice than a professional.