Parents having to 'bail out children'

Nearly a third of UK families will consider themselves "skint" when the children leave home, according to a recent study.

The survey by AA Savings found that while 18 per cent of parents were looking forward to moving house, taking a holiday or redecorating when their children move out of the family home, 17 per cent will be using funds to pay off their children's debts from university.

Furthermore, 94 per cent of parents would not turn their children away if they came back home and 57 per cent would actively welcome their return.

Lloyd East, director of AA Savings, said: "Most parents will say that they are concerned for their teenage children and this study underlines that they are a financial worry too.

"A quarter of parents actually expect their youngsters to return home at some point, or come cap in hand for cash."

Recent figures from NatWest claimed that 22 per cent of UK students would be living at their family home during the current financial year, many due to financial constraints.

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