Bank of mum and dad could be open until offspring reach 26

Parents of teenagers are typically expecting to support their children financially until they reach the age of 26, a survey has found.

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And freeing up housing wealth by downsizing may be off the table for some - as one in 14 (seven per cent) parents expect to move to a bigger home so their children can continue living with them into adulthood.

Savings and investments firm M&G, which commissioned the research, warned that supporting children for longer may mean some families need to reassess their long-term financial planning.

The research involved a survey carried out by Opinium of 1,000 parents of 16- to 18-year-olds across the UK in April.

Opinium also surveyed 1,000 young people aged 16 to 18 in April.

Fewer than one in 10 (nine per cent) parents surveyed expect their children to be self-sufficient by the age of 21 while nearly a fifth (18 per cent) believe the “bank of mum and dad” will still be open when their children are aged in their 30s.