Parents 'turning to children for financial help'
Parents around the UK are increasingly turning to their grown-up children in search of financial help, according to a new report.
Figures compiled by Scottish Widows have suggested that close to £11 billion has now been handed over by British consumers to their parents who have found themselves in some sort of financial difficulty.
In many cases, pension-age Britons have seen their efforts in saving for retirement come up short and leave them needing extra financial support from their sons and daughters.
However, Scottish Widows latest report makes clear that more money is still being handed over by generous parents to their children than the other way around.
"It's obvious that parents have felt the pinch as a result of being 'sapped' for thousands of pounds from their adult children, and are now turning the tables on them and 'sapping back'," said Anne Young, savings expert at Scottish Widows.
Earlier this week, the Alliance Trust urged anyone with a self-invested personal pension to consider their options carefully when it comes to funding retirement after the age of 75.
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