Britain's baby boomers are providing financial support for their adult children as well as their elderly parents, according to research by Engage Mutual.
The survey of 2,312 adults reveals almost two in three (60%) of 55 to 64 year-olds are still supporting their grown-up children and one in four (25%) are contributing to the costs of their elderly parents’ retirement.
Furthermore, baby boomers are more likely to be supporting adult children and elderly relatives than any other age group.
One in four (25%) have supported their parents financially in the last six months and, of these, 44% have helped to cover the costs of their retired parents’ utility bills, 16% have supplemented their parents’ income and 12% have contributed to the costs of a care home.
In addition, almost two in three (60%) of parents aged 55 to 64 with children over the age of 25 have helped their children financially in the last six months.
Of these, 26% have helped their children pay off debt, 21% have covered the costs of childcare for their grandchildren and 19% have helped their children cover the costs of their home.
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