GE Life: Offspring becoming more of a financial burden

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GE Life: Offspring becoming more of a financial burden

The true cost of bringing up a child extends well past the kids' childhood as parents continue to bankroll their children into later life, according to retirement specialist GE Life.

This highlights a cultural divide between generations that could leave some retirees short on funds for their retirement as it was found that 66 per cent of over 50s had no financial help from their parents when in their 20s.

Compare this to the 64 per cent of parents over the age of 50 who presently assist their children financially well into their 20s.

Kirsty Macpherson, GE Life spokesperson, said: "GE Life's study reveals that many parents never stop paying-out for their children and could potentially be leaving themselves out of pocket in later life."

With the Bank of Mum and Dad extending its opening hours, Ms Macpherson said the adverse implications of supporting children financially may need to be reduced by "cutting those apron strings" in order for parents to "start planning for their own future".

Parents were increasingly found to be putting money towards first cars, weddings and first properties. So that mum and dad do not end up counting the cost of rearing their children into retirement, GE Life recommends that they seek independent financial advice.

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