Most of us assume that our financial burden eases as we get older, but new findings from leading UK health organisation, Benenden Healthcare Society, show that this is not the case.
The recent study showed that those in their 50s can still expect to be stretched financially due to hefty mortgage payments and the cost of supporting teenage children.
Costly children
As the cost of living goes up and kids are staying at home for longer, parents are in need of ever deeper pockets.
Where mortgage payments and food bills are the biggest outlays for all generations, those in their fifties are finding that subsidising their children is taking a good chunk out of their monthly income.
The survey of 2,000 home-owning Brits with at least one child, found that a quarter of those in their fifties are contributing towards the motoring costs of their offspring.
Financially dependent
The ever-increasing price of car insurance for young drivers is the main culprit, along with parts and maintenance.
One in six even admitted to paying for their children's car.
On top of that, a third of parents over 50 are helping pay for their child’s education, and nearly half pay their mobile phone contract each month.
Marc Bell, marketing director at Benenden, said: "Reaching 50 is traditionally supposed to be the start of a new lease on life as kids grow older and couples find more time to themselves.
"The stark reality will prove an eye-opener as 50-somethings realise the truth is not so rose-tinted.
"On entering our 50s, more of us are paying for our children’s education and taking on more of their day-to-day costs such as mobile phone bills and going out – indicating that we’re letting our children become more financially dependent on us."
