A survey found that thanks to high house prices and financial hangovers from university, 63 per cent of individuals aged between 25 and 34 still rely on their family for financial help, while 46 per cent of 36 to 44 year olds still take offers of assistance from family members.
Analysts warn that the extra support could be crippling parent's financial independence, reducing the amount of money available for retirement plans. But ever increasing property values and the introduction of tuition fees, many parents may find it difficult to find a way out of the trap.
"Unfortunately, increasing financial pressures? are unlikely to abate any time soon so empty nesters of the future should take heed and plan ahead," said Gordon Phillips of Insight Investment on April 3rd 2006, which commissioned the survey.
http://www.myvesta.org.uk
Read more at: http://myvesta.org.uk/blog/2006/04/parents-still-supporting-adult.html.
