Children drain parents' finances - National Homebuyers.

Parents are regularly bailing out their children as they get themselves into financial difficulty.

[ClickPress, Thu Sep 20 2007] According to research by Money Expert, around 7.5 million parents have had to offer their kids financial assistance.

Most parents spend the money on clearing mobile phone and car finance debts but nine per cent have had to help with mortgage repayments to avoid their children's homes being repossessed.

It is bad news for homeowners as it shows that many young people simply cannot stay in control of their money, meaning there are fewer buyers entering the market.

In addition, parents are losing money in order to help their children even though they too may be struggling with rising interest rates.

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"Having a child is an expensive business and unfortunately spending on your kids doesn't stop once they reach adulthood," said Sean Gardiner from Money Expert.

"With the cost of living so high at the moment and with so many people living a buy-now-pay-later lifestyle, parents are often forced to help out their children financially in later life," he continued.

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