The financial squeeze may be affecting the parents of young adults ages 18 to 30 more than others, as figures suggest that 28% of the parents of the group known as ‘Babygloomers’ have paid their children’s debts or at least given money to help them out.
The survey which was conducted by The Children’s Mutual included 1500 parents and showed that most parents have not anticipated such costs placing their own finances in potential jeopardy in order to help out their kids.
In fact, around 66% of the parents stated that they already have reduced their day to day living costs in order to help out an adult child or expect to adjust them in the future. Adjustments include shopping for food economically, reducing heat and light usage within the home, and selling their cars.
Chief executive of The Children’s Mutual, David White, stated that the figures show that parenting is expensive and that 18 does not mean financial independence anymore, with16% of parents expecting their children to stay dependent on them past their thirties.
White continued to comment that most people they questioned offered one basic word of advice for those with young children currently, save money now. Over half of the group interviewed stated that if they were aware of how much it cost to have an adult child they would have tucked more funds away than they did.
He cautioned that the figures are a warning to parents that 18 is no longer the age at which a child becomes dependent and that parents need to plan for the future for a much longer period of time now in order to survive.
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