Parents face lifetime of aiding children

More than a quarter of parents believe their children will never be financially independent, research has found.

It comes as families have experienced a squeeze on their budgets due to soaring household bills, while youngsters have been unable to fly the nest as would-be first-time buyers need to raise large deposits to get on the property ladder.

The study found that 27 per cent of parents believe they will never stop supporting their children financially and only one in five will be able to stop when their child reaches 18 years of age.

Simon Ellis, managing director of Legal and General Investments, which commissioned the study, said: “The cost of living is going up and the cost of raising a child is going up with it.

“However, it is still shocking to find that 27 per cent of parents never expect their children to be financially independent.

“With first-time buyers requiring large deposits and university fees set to reach almost £10,000 a year, bankrolling your children after their 18th birthdays is becoming a norm for many parents.”

The majority of parents are also relying on their own parents for financial support for their adult children.