Feb 17 2009
Despite wanting to, many UK adults are unable to help fund their parents post-work years, the findings of a new study suggest.
Conducted by Norwich Union, the research found that 68 per cent of people questioned, potentially including those saving for retirement themselves, would like to provide financial assistance to their mothers and fathers but are unable to do so due to shortages of money.
Fewer that one in ten (7.9 per cent) consumers questioned were actually helping to fund their parent's retirement.
According to Dominic Fraser-Smith, product manager of post-retirement for Norwich Union, an increasing number of people are finding themselves under pressure to provide money to both parents and children.
He said: "In the current climate, there is a very real possibility that people are using their savings or taking a holiday on their own pension contributions to deal with the pressures of supporting young children and elderly relatives."
Recently, John Whiting, tax partner at PricewaterhouseCoopers, said that when money is in short supply, it can be difficult to persuade consumers to save for their retirement.
