Many parents with children over the age of 20 have had to sacrifice their own future happiness to fund their children’s ambitions, it has been claimed.
Findings from the Children’s Mutual show attending university and buying a first home are among the financial stresses offspring put on their parents.
It found that 28 per cent of 25-year-olds have financial support from their parents towards their education, while 23 per cent receive funding to pay their rent.
"We are highlighting to parents of younger children that by starting to save for their child’s future now, they can help avoid the struggles faced by the baby-boomer generation who regularly sacrifice their own dreams for those of their children," noted David White, chief executive of the Children’s Mutual.
Among the main dreams parents have is owning a one-bedroom holiday home in Spain, the research showed, although this is often sidelined to pay for a three-year university course.
According to the latest figures from the Office for National Statistics, in May, the public sector showed a deficit on current budget of £17.5 billion, compared with a deficit of £10.6 billion in the same month last year.