Children Help Parents In Retirement

Children Help Parents In Retirement

Research by the mutual insurer Engage has revealed, nearly a tenth – 1.7 million of British adults are stepping in to help their parents fund retirement as longevity and rising costs take their toll.  The research shows that out of 2,084 people, 22 per cent have given money to their parents to help them to make ends meet on day-to-day expenses and 33 per cent have taken their parents into their or a relative’s home in order to reduce their costs of living and care.

Our view

The population is rising and ageing in the UK.  Combine this with cost of living increases and pensioners gradually become poorer.  The means families have to help us out financially or we need to save more for our retirement.  You need to plan before it is too late.

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