One in four parents may have to rely on their children for financial support during retirement, according to research from Yorkshire Bank.
The survey of 1,000 people reveals one in four (27%) parents is hoping their children may be able to help them out financially when they retire.
Four out of 10 (40%) admit they have no real savings for old age, while six out of 10 non-savers (60%) acknowledge they should be saving for retirement but say they simply cannot afford to because of the costs involved in modern life.
The survey also reveals one in three (36%) think they will be working well into their 70s before they can afford to retire and four out of 10 (43%) say they will have to rely solely on the state pension.
More than half (52%) think they will have to make cutbacks when they retire and one in three (34%) fear the day when they give up work for good.
To ensure funding for retirement, one in six (16%) of respondents say their only hope is to inherit some money, while the same proportion are looking to downsize their home to release necessary funds.
Just one in five (21%) of current non-savers are intending on opening a savings account for retirement in the near future.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7034 2680 or email [email protected].IFAonline
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