Adult children using parents' £30k

Adult children between 18 and 30 years of age are taking up more than £30,000 of their parents' earnings, a study has shown.

Parents on an average expect to spend £30,690 on their adult child, from paying their university tuition fees and deposits on their houses to day-to-day living expenses, research by 72 Point showed.

Around 93% of parents with children aged over 18 were found to be still providing financial support in some form or the other.

This is creating increased financial burden on the parents, with 28% forced to re-mortgage their homes and more than 50% having to borrow money, the study said.

Around 65% of parents had or planned to cut down their daily expenses. About 42% were trying to reduce usage of gas and electricity, 28% were spending less on food and 7% have been forced to sell their car.

More than 50% of parents said they would have saved more in their better years if they had known the impact of their adult children's expenses on them.

Only 13% said they had a regular savings to cover the costs.

Copyright © Press Association 2010
All articles are copyright The Press Association 2010. News articles provided by The Press Association for Family Investments. Whilst every care it taken to ensure accuracy of editorial content, Family Investments takes no responsibility for any errors or omissions. The views expressed in these articles are not necessarily those of Family Investments.

For more information on savings click here.