Many UK parents are bracing themselves for a future that involves increasing monetary support for adult children who are struggling to make the step up to financial independence, according to a recent report commissioned by Children0s Mutual.
The first 0Coming of Wage0 report was carried out by the Social Issues Research Centre in Oxford and has thrown up some dismal readings for parents of teenage children. Almost half of the parents questioned expect that their children will be unable to support themselves when they turn 18, and a staggering 95% anticipate continuing making financial contributions to their children once they leave home, effectively running their children0s debt management schemes for them.
As a result the list of items that parents are expecting to pay on behalf of their children is growing and now includes: further education, deposit on their first home, first car and ongoing expenses to ensure that children don0t fall into debt. The report also highlighted that close to 67% of parents believe that their children will not be able to attend university without their financial support, and just short of half believe that their children will have no chance to buy their own home without their aid.
However, what […]

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