In the AA Savings report, nearly a third of parents said that they expect to end up broke due to paying for children, while 17 per cent specifically expect to pay off their offspring’s student debts.
Lloyd East, director of AA Savings, commented: “Most parents will say they are concerned for their teenage children and this study underlines that they are a financial worry, too. A quarter of parents actually expect their youngsters to return home at some point, or come cap in hand for cash.”
Such is the poor financial state of many recent graduates and others who have left home, over a quarter of parents in the survey expect their children to return.
With Skipton Building Society adding that a quarter of first-time buyers rely on parents for deposits for homes, the findings highlight the needs of parents to take advice on becoming debt free before their children add further to financial problems.