Retirement news
Pensioners having to fork out to support their kids
12 January, 2007
The attacks on the bank of Mum and Dad are relentless from cash-happy offspring who are getting financial help until well into their mid-twenties
British parents now fully expect to be forking out for their kids until they are into their mid-sixties with almost half of parents with children over the age of 25 still supporting them financially.
This news comes despite the fact that today’s young parents are expecting to regain their financial independence by the time they hit the ‘big 5-0’. However parents’ expectations can really change when financial reality strikes and most of those still supporting children don’t expect to be free until they are 67, when they will be well into their pension.
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Parents in the West Country expect to be bankrolling their children for the longest at 65, compared to those in Lancashire who predict that they will have cut the purse strings by 57.
In response to these financial facts, the proportion of people accepting that they will never be able to purchase a second home increases dramatically with age as 70 per cent of parents aged between 55–64 years old believe this, compared to a mere 27 per cent of those between 18-24.
Karl Elliott, 3GB spokesperson for engage Mutual Assurance says: “It is essential that parents of younger children lay down plans to save little and often in order to ensure that their child’s needs don’t affect their future independence.”
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