Parents 'shouldn't get into debt for their offspring'

Although it is understandable that parents may want to help their children out when it comes to financial matters, people should not get into debt simply to help out their offspring, it has been stressed.

This was the point made by Anna Soffat, spokesperson of Addidi Wealth, who said that any money given to grown-up children should be seen as a bonus and not a given.

"My advice to parents would be to certainly help their children as much as they are able to, but without neglecting their own financial wellbeing.

"If children are brought up to expect that they can always fall back on their parents, then where is the incentive for them to make something of themselves?", she commented.

A recent report from investment provider Skandia found that 40 per cent of parents admit to worrying that it will be their responsibility to help their children pay off debts as they grow older.

Meanwhile, a generous 31 per cent said they expect to provide a home for their children throughout their adulthood.

According to insurance provider Endsleigh, 40 per cent of 23 to 35-year-olds do not have a pension, with nearly a third blaming this upon debts from student loans and credit cards.