In statistics released by MoneyExpert, some 40 per cent (7.5 million) of adults with grown-up children have given their offspring aid to either pay off completely, or to contribute a payment towards, money owed on utility bills, loans and other areas of financial demand. As a result, the price comparison website stated that parents "face a heavy burden of debt" in helping their sons and daughters - which in turn could impact their own ability to manage their finances and make loan repayments.
Mobile phone bills and car finance deals are the largest sources of debt parents have helped their adult offspring to meet the costs of during the last three years - each accounting for 24 per cent of respondents. These were closely followed by credit card bills which have been paid for by 23 per cent of parents. Six per cent of respondents have also aided their children in making payments on unsecured loans, as one in five (20 per cent) help with overdraft costs. Meanwhile, about one in ten have shelled out their own money to make payments on their child's mortgages, in comparison to the two per cent who have contributed towards secured loans.
Research from the price comparison website also showed that those paying their grown-up children's debts have spent some 2,540 pounds over the last three years doing so. Although most (51 per cent) are shelling out between 200 and 2,000 pounds in financial aid, some 13 per cent have spent between 5,000 and 20,000 pounds - which in turn could increase pressure on their ability to manage their own finances.
Commenting on the news, Sean Gardner, chief executive of MoneyExpert, said: "Having a child is an expensive business and unfortunately spending on your kids doesn't stop once they reach adulthood. With the cost of living so high at the moment and with so many people living a buy-now-pay-later lifestyle, parents are often forced to help out their children financially in later life. Whether it's an overdue credit card bill, an unauthorised overdraft or even a missed mortgage repayment, millions of parents are forking out on behalf of their children."
Overall, the Midlands is the "child debt capital" of the country, as parents are paying an average of 2,739 pounds to service money owed by their offspring on loans, credit cards and other forms of borrowing. In comparison, consumers in Scotland are contributing the least towards their children's debts - at a typical amount of 2,265 pounds. Meanwhile, the firm stated that over 2.48 million adults are currently "very concerned" about how they will be able to manage their finances as the five interest rate rises carried out by the Bank of England since August last year begin to take effect.
As a result, those worried about their capacity to handle their money, whether they are a parent or one of their grown-up children looking to become financially independent, may wish to take out a debt consolidation loan as a means of tackling money owed to various creditors. By merging existing loans, overdrafts and credit cards into one low-rate monthly amount, consumers could well find they have more money available to spend. However, Adrian Coles, director general of the Building Societies Association, advised those wishing to apply for a loan to ensure that they will always be in a position to afford repayments.
A certain level of stress is a normal thing that every child experiences during growing up. Stress in children can reach very high levels, but is usually short-term. However, as children are quickly changing, the sources of their problems appear and vanish very quickly. That's why parents should keep an eye on their children in case a few stressful situations happen at the same time. Then, parents need to react quickly and help their kids cope with stressful situations - otherwise they risk that child's condition will aggravate to the point when the doctor's assistance becomes necessary.
The best way to teach your kids how to manage stress is to manage your own stressful situations well. The best lesson about not getting stressed is showing your kids that you can overcome your problems and remain cheerful. Expressing anger, frustration and any other similar feelings will teach your child that such emotions are an acceptable behavior once stressed.
Children may have very different reasons for feeling stressed. Do you remember how you acted and thought when you were your kid's age? I bet this was very different from your way of thinking now. Treat all your kids' problems seriously and help them find a way out of trouble.
Communication is the single most important tool parents have for helping their children fight their stress. Be willing to talk and discuss your children problems. In moments of stress people tend to push away others - your contact with your children has to be good enough to withstand such pressure.
You do not have to be an expert in a field that makes problems. You do not even have to give good advice. However, if you are to really help your children cope with their stress, you have to be 100% honest. Never lie about anything, especially family problems (even to lessen the pain). Child will sooner or later find out - and in addition to the pain he or she will eventually feel, they will feel betrayed. Most family-induced problems children have do not come from tensions between the family, but from adults lying to kids in order to "protect them".
Keep your children included when it comes to making important decisions, make them used to making real choices. This will prepare them to cope with stressful situations later. Make them feel loved, but do not try to build a wall between children and the cruel world. They will sooner or later enter the world and the walls only make them unprepared to meet it.
Both Tom Dawson & Andrew John are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Tom Dawson has sinced written about articles on various topics from Personal Finance, Parenting and Personal Finance. Tom Dawson is the Editor in Chief for Essentially Home Loans where visitors can apply for. We also specialise in. Tom Dawson's top article generates over 74000 views. to your Favourites.
Andrew John has sinced written about articles on various topics from Learn Hypnosis, Blood Pressure and Work From Home. The Author: Andrew John writes about stress, stress relief and how to combat stress. For additional info about and. Andrew John's top article generates over 22200 views. to your Favourites.