Cost of living ‘hampering financial independence’

Figures from Engage Mutual Assurance show that 43 per cent of parents aged between 55 and 64 are bankrolling their offspring, with many expecting the situation to stay the same until they are 67 years old.

However, parents who are in their twenties expect to be financially independent from their children by the time they are 50 – an unrealistic hope, according to Karl Elliott of Engage.

“University tuition fees, rising costs of living and house price hikes mean that young people are finding it increasingly difficult to gain financial independence,” said Mr Elliott.

“As a result of this pressure on younger generations, parents are shouldering the financial burden, supporting their children for longer.”

Over two million young adults have unsecured debts of £2,860 each, with over 100,000 young people owing at least £5,000 each in credit card debt, according to finance specialist One Advice.