Parents are concerned about their children’s debts should also take care of their own financial wellbeing, Addidi Wealth has said.
Following the release of a report by investment provider Skandia revealing 40 per cent of parents are worried about having to help their adult children become debt free, Addidi Wealth’s director has spoken about the issue.
Anna Sofat advised parents to help children with money “as much as they are able to” but not to risk debt management problems themselves.
“If children are brought up to expect that they can always fall back on their parents, then where is the incentive for them to make something of themselves?” she said.
Ms Sofat added that anything in addition to “a decent education” should be considered a “bonus” rather than an essential part of life.
Skandia’s report also found 34 per cent of parents expect to offer a home to their children throughout adulthood due to the fall in first-time buyers.
By Morwenna Kearns