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A fifth of parents haven't put money aside to support their kids into adulthood

A OnePoll survey found 23 per cent of parents with children under 18 feel unprepared for the financial costs of supporting their offspring into adulthood. This long-term commitment now extends to housing and education expenses as children reach independence.
Everyday living costs make it difficult for 64 per cent of parents to save for their children's future, while 40 per cent feel future costs appear too high. Parents now expect their children to move out at an average age of 26.
While 79 per cent have started saving, 46 per cent worry they will need to delay retirement to fund their children's early adult years, primarily using children's savings accounts or a Junior Cash ISA.
Half of parents worry they cannot contribute to university education or living costs, especially in London where total costs could approach £119,000. Parents prioritize accommodation and tuition fees .
Kathleen Brooks, research director at investment platform XTB, advises parents to consider how savings work overtime, noting, "Many parents are understandably focused on setting money aside, but it's also important to think about how those savings are working overtime." Starting early builds a foundation for major life milestones.

Insights by Ground AI