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Newsletter

Parents 'forced to support adult children'

By Sarah Engle, Tue 23 Feb 2010 - Published in Banking

The cost of supporting adult children is weighing heavily on parents, research has found.

A report by child trust fund provider The Children's Mutual showed that the cost to parents of supporting an 18 to 30-year-old is more than £30,000.

The poll also found that 93 per cent of parents find themselves in a position where they have to support adult children.

However, it also discovered that many have not prepared for this extra expense and have to take cost-cutting steps, with 42 per cent reducing their heating and lighting use, 28 per cent remortgaging their home and seven per cent selling their cars.

David White, chief executive of the firm, said: "These figures unveil the stark reality of the cost of being a parent. No longer does turning 18 mean financial independence."

Recently, The Children's Mutual found that 96 per cent of parents believe child trust funds are a good way to save for their families and eight out of ten are opposed to Conservative Party plans to cut back on them.