“With rising costs of living, student debt and escalating house prices, young adults are finding it increasingly difficult to become financially independent. Research conducted by engage shows that as a result of financial shortfalls, children are increasingly relying on their parents for financial support well into their mid twenties.”

“Given that costs of education and living are expected to rise over the coming years, it is important that parents are prepared to support their children for longer than they may have anticipated.  There are several ways of preparing for and spreading the cost of caring for the modern family which parents might consider:

1. Start saving early: Saving little and often during the earlier years of parenthood will ensure that you have some money to fall back on should you need to help your child with a large one off payment once they reach adulthood. You could be pleasantly surprised how much you can save by the time your child reaches adulthood.

2. Consider savings plans to give your child a head start: By making regular payments into Child Trust Funds and tax advantaged savings schemes you can build up tax efficient savings in your child?s name which could give them a head start when they reach adulthood by contributing to the costs of university or buying their first home.

3. Expect to look after your child for longer: When considering the cost of a family, try to budget to spend more for longer. This will ensure that you will save extra to help your children should any unexpected shocks later in life.

4. Give your child a good education in personal finance: Teaching your child the value of money and how to save and budget will ensure that they are financially capable when they enter adulthood. For young children, pocket money is a good place to start, and as your child gets older consider encouraging them to attend financial literacy classes now available in schools as well as talking to them openly about money issues

5. Look ahead to your retirement: Remember the 5 ?P?s: ?Perfect preparation provides plentiful pensions? - When budgeting for your child?s future one of the most important tips is not to forget yourself! It?s never too early to start planning for retirement. If you're working, investigate your company's pension scheme. It may be worth joining, especially if you receive employer contributions. You may also be able to put in additional voluntary contributions to top it up. Ensuring you have a pension in place will help protect your future should you need to use other savings to support your child.

6. Seek advice on supporting your grown-up kids If your grown-up children are struggling to get their foot on the ladder and need your support, it could be a good idea to speak to an independent financial adviser before making any decisions. A financial adviser can recommend a range of options available to you and give you guidance on how much you can afford to support your child. They will also be able to recommend ways of releasing capital from your investments or assets in order to help your child and give advice on inheritance tax/planning."

More information on engage Mutual Assurance?s 3GB campaign is available at www.engagemutual.com/3GB

1. If using this article on a website, please link to www.engagemutual.com using the following hyperlink text : engage Mutual Assurance - meeting the changing needs of today's modern families

2. engage Mutual Assurance is a trading style of Homeowners Friendly Society (HFSL) and it's wholly-owned subsidiary engage Mutual Funds Limited (EMFL) is a provider of the Child Trust Fund direct and in partnership with partners including Legal and General, ASDA and Debenhams stores and NAAFI Financial.

4. The organisation is title sponsor of the engage Super League - which sees 12 teams from across the UK and France battling for a place in the engage Super League Grand Final at Old Trafford stadium in Manchester. The teams are Leeds Rhinos, Wigan Warriors, Bradford Bulls, Castleford Tigers, St Helens, Huddersfield Giants, Hull FC, Salford City Reds, Wakefield Trinity Wildcats, Warrington Wolves, London based Harlequins RL and French team Catalans Dragons.

5. engage is proud to partner a charity which shares our consideration for balancing risk and reward - Smart Risk Foundation UK. It helps youngsters across the UK to identify the risks in their everyday lives in the smartest way, so that they can enjoy life to the fullest. Smart Risk Foundation?s registered charity number is 1096081, www.smartrisk.org.uk.

6. engage Mutual Assurance is headline sponsor of the engage International Open 2006 and the engage Ladies World Matchplay 2007, both part of the World Bowls Tour.

7. engage supports mutuality, friendly societies and the regional financial services industry through links with the Association of Mutual Insurers, the Association of Friendly Societies, Mutuo and Leeds Financial Services Initiative.

8. Established in 1980, Homeowners Friendly Society Limited (HFSL) is Registered and Incorporated under the Friendly Societies Act 1992, Reg.No.964F, it?s wholly owned subsidiary engage Mutual Funds Limited (eMFL) is Registered in England No 3224780. Both are authorised and regulated by the Financial Services Authority (FSA).

9. Homeowners Friendly Society Limited's FSA Register number is 110072 and engage Mutual Funds Limited?s FSA Register number is 181487. You can check this on the FSA's Register by visiting the FSA's website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234