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Government Legislation

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Parents are being forced to pay out for their adult children to help them avoid debt, a new report has warned.

A study released by Scottish Widows have revealed that more than a third of parents have loaned or given money to their offspring which they had originally intended to use in retirement.

It found that four out of ten such adult children used the money to repay debt.

The organisation warned that parting with retirement money could leave parents in financial problems once they stop working.

Economist Professor Merlin Stone commented that high levels of debt and the increasing cost of buying a house has caused young adults to rely on their parents for longer.

"Baby boomers, now mostly retired or entering retirement, have just about saved enough to fund their retirement but they are facing their funds being depleted by their offspring," he added.

Research conducted earlier this year by financial advice website MoneyExpert showed that among those Britons who owe money, as many as one in three are concerned about their ability to repay it.

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