A GROWING number of people aged over 40 are having babies. And they could end up with expensive bills for the child's education -- after they have retired.

Stars like Madonna and Michael Douglas will be in possession of a bus pass by the time their offspring are graduating from university. However, not everyone is as readily prepared for financing children into their seventh decade.

In the late-blossoming generation:

More than 14,000 women aged over 40 had babies in Britain in 1999 and are now getting them ready for nursery education.

11 per cent of all new-born babies in the same year had a father aged over 40.

Andy Briggs, who is director of pensions with Prudential, said: "Having children later in life gives you more to worry about than whether you'll be the oldest and slowest parent at school sports days.

"When you thought you'd be enjoying your retirement, you may have to continue working or dramatically reduce your disposable income to pay for education costs."

Based on an average rate of inflation of three per cent, parents will need £12,000 a year to send their child to university in 18 years time.

And they can expect to spend about £50,000 on their children during the first 17 years of their lives -- and more if they embark on private education.