UK parents are still finding that they are using savings to shell out for their offspring, even after their children have fled the nest, according to new research.
By 2008, 29 per cent of parents are still set to be out of pocket as they pay for their children, a study by AA Savings indicates.
Some 18 per cent of parents hope to spend their savings on something for themselves when their youngsters have moved out, such as redecorating or taking a holiday, the survey finds.
However, 17 per cent will still raid their savings to pay off university debts, while 26 per cent believe that their children will be moving back in the future.
Lloyd East, director of AA Savings, says: "A quarter of parents actually expect their youngsters to return home at some point, or come cap in hand for cash.
"Encouragingly, 16 per cent say they have savings put aside for just that purpose."
Home insurance provider Lloyds TSB recently claimed that children who are at home for the summer cause around £2 billion worth of damage in their parent's houses.
Parents still raiding savings, study finds
Parents still raiding savings, study finds
Wed, 18 Oct 2006
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