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Loan charges: Brits expect to help children's finances 'until they are 38'

Parents expect to be helping to pay off their children's credit card charges and mortgage loan claims for an extended length of time, a new survey has found.

The research, from insurance firm LV=, revealed the average British mother or father anticipates giving their children financial assistance until the youngster reaches the age of 38.

Furthermore, 28 per cent of parents who are currently helping their children out forecast themselves always supporting their offspring.

The average British parent is giving their grown up child £175 every month to cover basic living costs, such as rent, bills and loan charges, with an additional £9,476 spent on 'big ticket items' such as weddings, mortgages and further education over the person's lifetime.

Raising a child to 21 is also exceptionally expensive, with the firm's Cost of a Child report putting the amount of money involved at more than £218,000.

"Young people are leaving university with large debts, youth unemployment is high and property is unaffordable for many," LV= head of protection Mark Jones said.

"The bank of mum and dad continues to foot the bill well into adulthood," he added.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801412866-ADNFCR

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