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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Parents` savings `sapped by debt-ridden children`

05/03/2007

Adult children may be using their parents` savings for purposes such as buying a house and getting out of debt, according to new research.

The Scottish Widows survey claims that ten million people are "eroding" their parents` retirement funds, receiving £11 billion - 20 per cent of total cash saved in the UK - in the past 12 months.

Within these figures, a third of loans go towards first-time property purchases, while 14 per cent are dedicated to getting out of debt, the report reveals.

Scottish Widows` savings expert Anne Young remarked: "Our research shows that parental responsibility no longer ends when your children reach adulthood, but lasts for many years after that.

"Parents may be shocked to learn that their savings could be sapped by about £12,000 after their children leave home."

The average loan given to adult child is £12,300, according to the survey.

A total of one-third of Britons did not manage to accumulate any savings in 2006, according to research by Alliance & Leicester.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according