Parents’ debt increases because of adult children

15/12/2011

A parenting expert has highlighted that it is becoming increasingly difficult for parents to tackle their debt issues as their adult children remain more dependent on their parents than they used to.

Unemployment figures published earlier this week revealed a record 1.03 million 16 to 24 year olds who are currently unemployed.

Concerns about young people out of work have been heightened since it was revealed that young people accounted for 54,000 of the additional 128,000 who found themselves out of work in the three months to October.

Judy Reith who is a parenting coach and author at Parentingpeople.co.uk, commented: "Parents are finding that their wallets continue to remain empty for longer as children leave school or university and have no jobs waiting.

"If they are in work, then the starting salaries, coupled with repaying student loans and high rents, make it financially impossible for young people to set up their own homes."

It is possible that parents may be placed further into debt as they help their struggling dependents rather than being free to pay off any credit card debt or loans. Ms Reith suggested that parents of school-age children should endeavour to teach them financial skills in order to minimise their levels of dependency when they are at university or have just graduated.

Tags; Current UK Economy, Income Worries and Debt, Young Family Finances,

• Share
• 
• 
• Store
• 
• Follow
•