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Children potentially leaving themselves short

A recent survey confirmed that more than 10% of grown up children are now directly financing a part of their parent's cost of living. As we mentioned in one of our earlier articles, many people are now struggling to make ends meet in their later years with the state pension falling in value in real terms for some time and the cost of living continuing to spiral higher and higher. However, short-term financial assistance for their parents may well be leaving some grown up children short for the future!

The recession, even though officially it is over, is still biting many people very hard and placing many in potentially difficult financial situations. However, very few adult children are able to sit aside and see their parents suffer when they have potentially short-term funds which they can use to assist. In many ways this is a complete reversal of what many children experience in early years, whereby their parents helped them out financially and in many cases even raised funds for house purchase deposits.

This reversal of roles for many people in the UK has been ongoing for some time although the recession has made the situation very much worse in the short term. The problem for many is the fact that as their adult children's finances are stretched to the limit there may be limited help available in the medium term, with the state not in a position to offer any significant assistance.

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