Recent figures have revealed raising and supporting a child until they are 21 costs parents over £225,000, but even once the grown child leaves home, they still very often have to rely on their parents for financial support.

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A study conducted by Fidelity revealed that 25% of parents still financially support their 30-39 year old children. In the 1960s it might have been possible for young adults to find a job, a house and live a financially independent life. For most people however, this is no longer possible and the question of course is: What has changed?

The cause and effect of this development runs very deep but one obvious reason for the financial struggle so many young people experience is the weak job market. At the moment, young people between 16 and 24 who aren’t in full-time education or employment are three times more likely to be unemployed than they would have been 20 years ago.

The research conducted by Fidelity also suggests that the severity of the problem could be regional. With an average age of 29 years, Scotland is the part of the UK where people are being financially supported by their parents the longest whilst in London the average age for young people who receive this help is merely 23. In order to be financially independent, these young people can look for solutions such as the ones mentioned on articles like Invest Diva price.

There have been warnings from many prominent politicians that London is “becoming a giant suction machine draining the life” away from other areas of the UK. Critics have also suggested that Scotland is being disregarded by the government, which could explain why people in these places need support to a much later age than Londoners.

The current job market and the recent recession have certainly played a role in young people needing financial support from their parents. Despite the recent fall in unemployment figures, many young adults are struggling to find work, leaving these grown children facing financial difficulties. If you find yourself losing employment for no apparent reason in such a challenging job market, it may be wise to seek legal counsel to understand your rights and explore potential remedies.

The recent survey has found that weddings are one of the main expenses parents financially contribute to for their kids. Of 1,000 parents surveyed, 48% of them helped to finance their children’s wedding and over 7% contributed more than £5,000 to the nuptials. Over 57% of the surveyed parents contributed towards their child’s first car, with the average outlay standing at £821.

It looks as if children will rely on their parents financially for some time to come, helping cover the costs of housing deposits, weddings and cars. However, these expenses can be prepared for. Parents can for instance start saving for their kids by being clever and setting up a Junior ISA. By planning ahead in this way, parents can be sure that their children’s future expenses are prepared for. This means that they don’t have to worry about dipping into their retirement savings etc. later on. This can provide you with a peace of mind that money just can’t buy.