Many parents 'borrowing to support grown-up kids'

Borrowing is proving an option for some parents who are having to offer financial support to their grown-up children.

That is according to the Children's Mutual, which believes that as many as 93 per cent of parents could find themselves in this situation.

Some of these people may have to get credit, as the organisation has suggested that over 50 per cent are looking to borrow money.

The Children's Mutual's chief executive David White has noted that younger parents should start saving early to meet the costs of their grown-up children.

He commented: "These figures give us a very clear warning - children aren't financially independent at 18 and parents need to plan for this to save their whole family's financial future."

Mr White also recently highlighted the large debts that university leavers are likely to have to face up to in the near future, pointing out that Child Trust Funds could help to address this.

Posted by Gemma Walker.