29 June 2009
Parents need to encourage their children to start saving from an early age in order to secure their financial future, it has been suggested.
Many parents end up subsidising their children's income in later life, which could lead them into financial difficulties as well, revealed David White, chief executive of the Children's Mutual.
"If you are taking on more debt at 50 when you could have been putting more money in your pension fund, you are reducing what you will have when you retire," he suggested.
People need to make sure they are able to study later in life by not being burdened with unnecessary debts, Mr White added.
A recent study by Saga found that a fifth of grandparents are saving £400 or more a year for their grandchildren to provide them with a nest egg of £10,000 when they turn 18.