Parents ‘delaying retirement’ to fund adult children

Parents in Britain are having to delay retirement to ensure they do not have to struggle with debt due to the financial burden placed on them by their adult children.

New research from The Children’s Mutual has discovered that 57 per cent of parents whose offspring are aged between 18 and 30 years old have claimed they have no option but to finish working at a later age.

Over 40 per cent of parents have said that they expect to be in employment for around five years longer than planned because of the monetary woes their kids are experiencing in young adulthood.

David White, chief executive at the child trust fund provider, commented: “Worryingly, the number of parents getting caught in this middle-age parent trap will almost certainly continue to rise.”

Earlier in the month, findings from the Scottish Widows Savings and Investments annual report showed that young adults were relying on their parents for financial backing, with the average “savings sap” rising from £11,800 to £13,660.

By Joe Shervin