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Parents urged to save for future

Published: 17/02/2010

Parents should make sure they have plenty of savings for the future, as a new report has revealed that parents could end up paying over £30,000 during their children's adult years.

The Children's Mutual has revealed that 93 per cent of parents end up supporting their adult offspring financially.

According to the survey, it isn't just the big things in life, such as mortgages, with which parents are helping.

Regular bills, general living costs and the repayment of loans have all been covered by parents.

Despite this, 70 per cent of parents said they underestimated how much the financial cost which would come once their children passed 18 years of age.

David White, chief executive of the Children's Mutual, commented: "The families we questioned had just one message for parents whose children are still young - save, save, save!

"More than half agreed that if they'd have known when their child was born what they now know about the cost of having an adult child they would have saved more through the years, with just 13 per cent having saved regularly in preparation."

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