Pension Cash Lump Sum To Kids

Pension Cash Lump Sum To Kids

Pension cash lump sum sums are being used to help grown up children according to a study commissioned by Scottish Widows.

More than half of parents have given or loaned their grown-up children thousands of pounds over the past year.  The survey found that the figure had increased to 55 per cent of parents compared with just 39 per cent the previous year.  More than a third of those who had given money said they had intended to put it towards retirement, although four in ten parents feel their children need the money more than they do.

Our view

Children of today expect it all but are not prepared to wait for it and not prepared to save for it.  Flash cars, flash holidays and no savings.  The live for today attitude will be an undoing in the future.  

We suggest you “live for today with one eye on tomorrow” by saving at least something in ISAs or pensions.

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