What mid-life crisis?

The start of financial freedom begins for most at 55, when parents are free from the burden of supporting their children, according to new research.

Contrary to the old adage that ‘life begins at 40,’ people are finding 55 is the age when they are less tied down by mortgages, children and other financial constraints, reports from a savings provider suggest.

A study by Birmingham Midshires discovered that 47 per cent of those quizzed in a survey who were past the age of 50 still had children living at home, while only one in six who were over the age of 55? were still supporting their offspring.

Jason Robinson, Birmingham Midshires’ director of savings operations, said there are several reasons why people are no longer financially liberated at 40.

He said: "This could be down to a number of economic and social factors, such as rising house prices and people having children later in life."

Meanwhile, Alliance and Leicester has found that parents are paying an average £21,314 to help their children get on the property ladder.