Survey shows parents financially supporting children well into their 20s

• A new UK survey indicates that parents now expect to provide financial support for their children until an average age of 26.
• The research, commissioned by M&G, found that nearly a fifth of parents anticipate continuing financial aid into their children's thirties.
• Many parents are making significant sacrifices, with 64 per cent adjusting their lifestyles and 14 per cent considering delaying retirement to maintain this support.
• The extended reliance is prompting some families to consider moving to larger homes, with 7 per cent planning to upsize specifically for their adult children.
• Experts warn that this trend risks parents' retirement savings and could lead to younger generations delaying their own pension contributions until their thirties.

IN FULL

‘Bank of mum and dad’ staying open longer as parents sacrifice retirement plans to support children