According to new research carried out by Mutual Assurance, today’s parents find that their children are still reliant on them until they reach their mid-sixties!

The reality of financial commitements means that many parents are being forced to sacrifice retirement plans such as luxury holidays and second homes so that they can help to support their adult children. The rising cost of mortgages, taxes and utility bills along with schooling fees and house deposits means that many parents are having to dig deep to ensure their children stay out of financial trouble. Hence, their retirement plans are unfortunately put onto a back burner and also means that pension contributions could suffer meaning their retirement may be less fun than expected.

So, planning for the future really can pay off. Even if you aren’t planning to have children right now, or you don’t think your children will need extra financial assistance, it pays to snsure you are saving and investing money regularly so that if the worse does happen, you can still look forward to a good retirement.

ISAs are the best way to start saving, as the interest is not taxed. You can invest up to £7,000 a year into an ISA and all profits are tax free. Also check your mortgage, insuranceand utilities to see if you can find them cheaper elsewhere.

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