Parents to rely on kids to fund retirement

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...