Good afternoon / 30.08.08
Consumer Home
Consumer Home
03 April 2006
More than a third (36 per cent) of parents in the United Kingdom are paying as much as £5,000 supporting their grow-up, and supposedly independent, children.
According to a survey from Insight Investment almost two-thirds (63 per cent) of 25-34 year olds and nearly half of 35-44 year olds (46 per cent) admitting to relying on the financial support of family in some way.
Gordon Phillips, head of retail at Insight Investment said, "At a time when empty nesters should be prioritising their own financial independence, many are finding that pressures on the parental purse strings are eating into their potential retirement pot.
"Unfortunately, increasing financial pressures such as soaring house prices and mounting student debt are unlikely to abate any time soon so empty nesters of the future should take heed and plan ahead."
Some young parents remain blissfully unaware of the demands of grown-up offspring however. More than a fifth (20 per cent) of parents with children under 16 only expect to support their kids up to the age of 18 or 21.
© Copyright Adfero Ltd
