Monday 19 February 2018

'Third rely on retired parents'

Adults admit they rely on their parents for financial support, a survey indicated
Adults admit they rely on their parents for financial support, a survey indicated

Nearly a third of adults admit they will continue to rely on their parents for financial support after their relatives have retired, a survey has indicated.

Around 30% of people said they would continue to ask their mother and father for handouts once their parents had started drawing their pension, according to insurer Aviva.

The figure is considerably higher than the 18% of parents who expect to have to continue supporting their adult children during their retirement.

Parents were most likely to expect to have to help their children buy a house at 62%, something 44% of children claim they will turn to their parents to get help with.

Around 47% of parents also expect their offspring to need help meeting the cost of raising their own children, with 30% of people expecting their parents to help them out with this.

But half of those who expect to have to continue helping their children financially when they have retired say they feel worried, concerned or angry at the prospect, while 29% think giving their children handouts will limit their own retirement income.

Around 16% of these parents were also concerned that they will have to continue working as a result.

But despite this, 41% of parents said they had never raised the subject of retirement finances with their children.

Clive Bolton, Aviva's at retirement director, said: "The financial landscape and the pressures on the modern family have massively changed over the last decade, as has the profile of a typical retiree.

"Rather than inheriting from their parents, our research suggests many adult children now expect financial help from their parents at a time of life when they may struggle to give it."

Press Association

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