You are here: Home - Credit Cards & Loans -

Brits providing financial lifeline to elderly relatives

0
Written by:
12/06/2008

With 54% of retirees struggling to make ends meet, research from Engage Mutual Assurance reveals that families are stepping in to provide a financial lifeline to their elderly relatives.

Nearly one in 10 British adults, the equivalent of more than 1.7m adults, are helping with the costs of their parents’ retirement. Of these, 22% have given money to their parents to help them to make ends meet on day-to-day expenses, 22% are paying towards their parents’ care and 33% have taken their parents into their or a relative’s home in order to reduce their costs of living and care.

Overall, 3% of adults with parents over 65 (more than 500,000) have brought their parents to live with them or relatives to cover the costs of their retirement. As parents get older, the need to move them into the family home in order to provide care increases significantly.

Of Britons with parents between the ages of 85 and 94, one in 10 are accommodating their parents in their or a relative’s home in order to reduce their costs of living and care. One in four Britons with parents over 65 are concerned about how the family will cover the costs of their parents’ retirement or that their inheritance will be spent by their parents in paying for their retirement.

Karl Elliott, spokesperson for Engage Mutual Assurance, said: “As costs of living increase, retirees are finding it increasingly difficult to make ends meet. In hard times people often turn to family members for support and, as our research shows, this is the case for elderly relatives as well as young adults who are finding it increasingly difficult to disconnect themselves financially from their parents.

“With the size of Britain’s retired population growing, and costs of living increasing, it is important that people save little and often towards their retirement in order to reduce the pressure on themselves and their family to make ends meet in old age.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Insurance policies lacking clarity on cancer care

Cancer insurance policies have been criticised for a lack of clarity that may result in people being excluded from treatment,...

Close