Student debt 'delaying people's financial independence'

Student debt is one factor that is preventing people from becoming financially independent until a later stage in their life, according to one commentator.

Parenting expert Catherine Hanly believes that previous generations did not need to rely on the financial support of their parents for such long periods.

She noted that in the current climate, "kids are finishing college with massive student debt, it's incredibly expensive to buy a house in the first place and it's hard to pick up money".

Research published by the Children's Mutual recently suggested that as many as 93 per cent of parents are having to help out their grown-up children when it comes to money matters, which may force some to get credit.

Ms Hanly believes this trend may come as a shock to some parents, who are still having to bail out their older children despite the fact they have left home to go to college.

Posted by Gemma Walker.