Cost of children puts retirement plans at risk

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Parents who continue to fund their children well into adulthood could be risking their own future by not putting enough away for retirement, warns GE Life.

According to a survey of 693 adults aged 50 and over - carried out by YouGov on behalf of the insurer - at least 64% of parents help their grown-up children because they don’t believe they are financially capable of coping on their own. And although 66% of respondents say they received no financial help from their own parents, 44% say they feel obliged to help out their children even though many pensioners struggle to make ends meet in retirement. GE Life says the research shows how much attitudes to finance have changed as more twenty-somethings are turning to the ‘Bank of Mum and Dad’...

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