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 th...
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