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Loan charges: Parents sacrificing pensions to support adult children

Parents are helping their adult children avoid incurring bank charges or having to make loan claims by making substantial financial sacrifices.

This is according to research from Standard Life, which found 30 per cent of mums and dads are currently supporting their grown-up offspring.

The average parent invests around £15,490 per adult child, which could become a pension fund of £38,500 in two decades' time, the company claimed.

For higher-rate taxpayers, the potential value of this expenditure reaches £51,380, it continued.

Some of the expenses mums and dads pay for include house deposits, weddings, debts, university fees and other general outgoings.

John Lawson, head of pensions policy for the firm, pointed out high levels of joblessness among the young could be exacerbating the issue.

Figures from the Office for National Statistics reveal the UK's unemployment rate is at its highest point since 1995.

"A parent's desire to provide for their children even when they become young adults is increasingly coming at a huge cost to their own future financial security," Mr Lawson remarked.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt managementADNFCR-2776-ID-801341969-ADNFCR

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