Children are dependant on parents for longer
(01 February 2008)

Almost half of all parents with children over 25 are still financially responsible for them, according to new research.

The study shows that 46 per cent of parents don't think they will be free from financial responsibility until they are 60-years-old, Engage Mutual Assurance found.

However, over half of parents are unwilling to pay for their children's education through university, with 46 per cent making them pay their own tuition fees.

Over 8,000 people were asked how their financial issues affected family life in the study, which has been running since 2006.

The number of children asking their parents to fund their childcare costs has almost doubled, from 11 per cent to 21 per cent.

The research also showed that 88 per cent of people would make sacrifices to ensure their partner was financially comfortable, with almost a third prepared to cut back on their own luxuries.

A survey by the Association of Investment Companies showed that half of parents and teachers believe that personal finance should be a mandatory part of the curriculum.