Parents ‘having to wait’ for personal finance freedom

Parents with adult children in the UK are having to wait decades before they can achieve personal finance freedom, according to a recent study. Research by Engage Mutual Assurance has found that almost half of Britons with adult children do not anticipate being free of financial responsibility toward their family until they reach the age of 60.

In addition, the latest figures suggest that the number of British parents turning to their own mothers and fathers for financial help to fund childcare costs has doubled over the course of the past 12 months. Karl Elliott, 3GB spokesperson for Engage Mutual Assurance, commented: “Over the course of 2007, we’ve seen family relationships strained by money matters.

“Rising costs in Britain mean that not only do families need to plan ahead financially and carefully manage their money, they are also turning to each other for support.” Meanwhile, a report from National Savings and Investments recently showed that the level of individual savings in the UK has risen on average by almost a third since 2000.