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’...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes