Britain’s indebted children are relying on their parents as a debt solution, according to the latest research from MoneyExpert.com.
Some 40 per cent of parents have been called upon to offer their children some form of assistance with their debts, with the likes of mobile phone bills, car finance and credit card bills all needing a debt solution.
At least one-fifth of parents have helped out their children with debts on such bills, along with the repayment of an overdraft, according to the research, whereas almost one in ten (nine per cent) have helped with mortgage repayments.
“With the cost of living so high at the moment and with so many people living a buy-now-pay-later lifestyle, parents are often forced to help out their children financially in later life,” said Sean Gardner, chief executive of MoneyExpert.com.
On average over the last three years, parents have spent £2,540 on providing a debt solution for their children and helping them clear debt, the research revealed.
This parent generosity could be having a knock-on effect. Scottish Widows this week highlighted that a number of over-55s will have to work past the state pension age due to not having the required savings to und their retirement.