Children's financial future

[indebtforever]

More than a third of parents worry that their children will still be living at home when they are in their mid-30s, a survey has showed.

Around 34% of people said they thought their offspring would not be able to afford to set up their own home until later in life, while 40% expect to be lumbered with paying off their adult children's debts.

A further 48% of those questioned said they feared their children would never be able to afford to retire due to the financial constraints they face, according to investment group Skandia.

The majority of parents said their main hope for their children's future was that they would be financially independent, with 83% citing this, while 63% hope they will be able to get on to the property ladder and 61% would like their offspring to go to university or take other steps to develop their career.

Michelle Cracknell, strategy director at Skandia, said: "Whilst most parents hope their children will be financially comfortable in adult life, it is clear that many parents see adult life starting when their children are in their late 30s.

"The prospect of funding and housing children through their 20s and 30s has, of course, financial implications on the parents who may have to reappraise their own financial life plans in order to help them protect and realise their own financial goals."

[angela18]

I worry about my daughters future, and to tell you the truth part of the reason I wanted to keep home rather than BR was for the house to be hers when we're not here.. other reason was I work for HMRC

its really worrying and I've only one child

[moretolife]

as a parent of three grown up children....when looking at the background for our debt and subsequent IVA,,,a fair amount of that was down to us helping out two of our children with their financial messes...one of our sons ...age 26 is now back living at home with his own DMP after 4 years of living independently and getting into a mess which we had to bail him out of....and our daughter who is 23 is still struggling to live within her and husbands income esp as we cant now help them out...

there is a whole generation now where personal debt at a very young age is rampant....we didnt get into this mess till we were in our 50s...but there is so much available nowadays and from age 18 all our children were bombarded with offers of credit.... overdrafts ...credit cards..loans etc and their desire for the next best thing seems to be built into their genes...

we were happy with and old banger of a car in our 20s but our kids wanted the brand new one and had to have it NOW...so entered into finance instead of saving etc and the cost of living in south east of england means many of the younger generation either take on mortgages they cant really afford...or...rent ..paying huge amounts of rent making it harder for them to live...only one of my children actually has a mortgage and he only managed that by moving northwards where the house prices are so much more attainable

i get very sad when i think of the future for my children

its a vicious cycle that seems to have no end

[Skippy]

My poor mum was lumbered with me until I was 31! I semi moved out when I was 29, but didn't go completely for another 2 years. There was no way that I could afford to move out on my own, so I had to wait until Dave and I were ready to move in together.