Most parents living with older children do not feel financially secure - survey

Just 40% of parents living with older children say their family is financially secure, according to a survey.

Almost half of parents (48%) living with children under the age of 18 say they are financially stable, but this figure drops to 40% among those with older children at home, the poll for Mintel found.

One in five parents with older children at home have more than £10,000 in unsecured debt, while 24% of these parents who owe money on credit say they struggle to meet the repayments.

Overall, 62% of parents say they are worried about their children's future financial security, while 64% say they expect to help their children financially after leaving home.

The survey also found 15% of 20 to 24-year-olds expect to manage or pay off debts by borrowing from family or friends.

More than three in five Britons aged between 20 and 24 are in debt (63%), with 17% owing more than £10,000 in unsecured debt, the poll found.

Mintel financial services analyst Jessica Galletley said: "Younger adults are leaving university with high levels of debt, putting them at a disadvantage when it comes to saving towards property ownership. They are also less likely to have built up a decent credit score, meaning there are fewer credit products available to them; as such, they are relying on family and friends.

"Lending or giving money to adult children is an additional financial commitment for parents who would normally be reducing their outgoings as they pay off mortgage debt and try to build their retirement savings."