Retirement pots 'being sapped' by adult children
The retirement savings pots of millions of people around the UK are being sapped by adult children in need of financial help, according to a recent report.
Studies by Scottish Widows have suggested that more than a third of people who have given out money to their adult offspring had planned to use those funds for their own retirement.
Furthermore, the issue is becoming an increasingly serious one, the retirement-focused financial services firm has claimed, noting that there has been a rise of 16 per cent in the proportion of pre-retired Britons who have helped out their children in need.
"Both the amount of money given and the number of children 'sapping' has increased in the last year, to the extent that the overall 'sap fund' is well in excess of £60 billion," said Anne Young, a savings expert at Scottish Widows.
Last week, the Department for Work and Pensions urged elderly people around the country to make sure that they have claimed the cash benefits that they are entitled to.
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