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Posted by Emily Swanson

Parents have a crucial role to play in providing their children with long-term financial assistance, an expert has said.

According to Kate Moore, head of savings and investments at Family Investments, young adults now face an "unprecedented" number of monetary commitments which can prove particularly difficult to manage in the aftermath of the recession.

However, she insisted that their parents can help them "avoid the pitfalls of debt" as they grow up by establishing support for them from a young age, such as starting up a savings account straight after their birth.

A report published last week (November 2nd) by the Consumer Credit Counselling Service revealed that in excess of one million households in the 18-39 age group are struggling to cope financially at the moment.

Nevertheless, Ms Moore noted that mothers and fathers can take action to try and make sure their offspring do not suffer the same fate. 

08/11/2011 15:48