New research from Legal & General Investments, one of the UK’s largest investment providers, reveals that more than a quarter (27%) of parents think that they will never stop financially supporting their children.
Few parents see their child’s 18th birthday as a marker of their financial independence, with only one in five (21%) believing they will stop financially supporting their children at this age. At the other end of the spectrum, some parents are keen on instilling financial independence; more than 10 percent of parents, who do not believe they can fund their children beyond 18, say it is simply no longer their responsibility.
It is also clear that parents are not the only stakeholders expected to fund a child’s financial future. The majority of parents are relying on their own parents for financial support for their adult children. More than 65% believe contributions to their child’s ISA will come direct from grandparents. In addition, almost one in six (16%) parents expects to make lump sum payments into their children’s savings via inheritance.
Previous research from Legal & General Investments has revealed that UK parents are currently putting aside on average £42.45 per month per child, creating a pot likely to reach £14,716 based on current deposit levels.
Simon Ellis, Managing Director, Legal & General Investments said: “The cost of living is going up and the cost of raising a child is going up with it. However, it is still shocking to find that 27% of parents never expect their children to be financially independent.
“With first time buyers requiring large deposits and university fees set to reach almost £10,000 a year, bankrolling your children after their 18th birthdays is becoming a norm for many parents. This trend significantly increases the strain on parental finances and will no doubt change the way future parents save for their children. Understandably, all parents want to give their children the best possible start and offer them both choice and opportunity during their adult years.”
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Campaigns & Issues
Lobby for libraries
The NPC officers have given their backing to a lobby being organised by UNISON, the National Federation of Women’s Institutes (NFWI), Voices for the Library, The Library Campaign, Campaign for the Book and the Chartered Institute of Library and Information Professionals (CILIP) which will call on politicians to protect vital library services.
News
WRVS response to Health Committee report on social care
WRVS calls for a decisive leap towards joining up health and social care responding to the Health Select Committee inquiry report.
David McCullough, Chief Executive of WRVS said: “Delivering 21st-century health services will hinge on us switching considerable resources into keeping older people in their own homes and breaking the cycle of isolation that faces many people from their seventies onwards.
Competitions & Fun
Win a signed copy of Citizen James on DVD
CARRY ON’S inimitable Sid James is Citizen James in the hilarious 1960s BBC comedy, which finally comes to DVD for the first time. This long-lost classic comedy series makes its DVD debut, featuring the only known surviving episodes, the complete series one, and two episodes each from series two and three. They will be released as a two-disc set on 6 February 2012 courtesy of Acorn Media.
In series one written by Alan Simpson and Ray Galton (Hancock, Steptoe & Son), Sid (Sid James) is a hard-working layabout, gambler and con-artist, hanging out on the streets of Soho with his sidekick Bill (Bill Kerr), in Charlie’s Nosh Bar and occasionally paying a visit to his long-suffering fiancée Liz (Liz Fraser), to borrow money to pay off his gambling debts and cons gone wrong.
Advertorial
February is travel love month with Silver Travel Advisor
WIN £1,000 CRUISE VOUCHERS WITH VIKING RIVER CRUISES AND MANY OTHER PRIZES
Silver Travel Advisor is a friendly website packed with advice, tips, information and honest reviews written by and for silver travellers (aged over 50). A team of advisors are on hand to answer queries (for free), and you can share your own experiences too.
February is Travel Love month at Silver Travel Advisor, and there is a whole range of prizes to be found including the star prize:
Viking River Cruises – win £1,000 cruise vouchers
Health & Wellbeing
Scrap the government's health bill, say BMJ readers
More than 90% of British Medical Journal readers responding to a poll published today think the government's health reforms should be scrapped.
The poll asked: "Should the Health and Social Care Bill for England now be withdrawn?"
Property & Finance
Did you miss the Self Assessment deadline?
If you have missed the deadline for submitting a Self Assessment (SA) tax return and you can show that you should not have been in the SA regime in the first place, then you may be able to avoid any penalties.
Lifestyle
Paula's Wines of the Week starting 6 February 2012
If you really like a certain wine, rather than buying it in single cork-stoppered bottles why not get larger four bottle-sized amounts available in boxes? But if stepping along to the supermarket seems like too much of a chilly effort then try the online winebox retailer InspiredWine.co.uk because they’re offering free delivery during February.
There are advantages to buying wine in a winebox. As the wine is dispensed through a plastic tap all the annoyance of the cork is removed: no more tainted 'corked' wine (this spoils at least one in ten traditionally bottled wines due to improperly sterilised corks) and no more chasing around bits of broken cork that always sink when the index finger sent in to oik them out gets anywhere near them.
Travel & Leisure
£15m boost for sustainable travel
Transport Minister Norman Baker today announced £15m of new funding for sustainable travel projects across the country that will promote economic growth and cut carbon.
The investment is in addition to the £560m Local Sustainable Transport Fund announced in January 2011. This additional funding, heavily geared towards cycling, will support jobs, enhance access to employment and encourage greater use of more environmentally friendly transport.
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