Older parents are being forced to delay retirement by up to 10 years as children rely on 'Bank of Mum and Dad'. A third of mums and dads are postponing retirement to support their children through university as higher education costs soar.

Research conducted by wealth manager Rathbones found that a third of parents have had to delay leaving the workforce. More than a quarter now expect to work up to ten years longer than planned.

Parents spend an average of £7,200 a year supporting children at university, with one in seven contributing as much as £15,000 annually. Some families face even greater pressure, with 22 per cent covering all costs themselves.

READ MORE UK households told to acquire £120 document after government borrowing soars

Two in three parents have dipped into savin

See Full Page