You are here: Home - Retirement - Retiring now - News -

Half of over-55s support their children & parents financially

0
Written by: Danielle Levy
10/05/2019
Brits over the age of 55 are feeling the financial strain of supporting their children, grandchildren and ageing parents.

The latest research from financial services company SunLife found those aged between 55 and 59 are most likely to provide financial support to their family, with 53% helping their children or grandchildren. In addition, one in 25 help their parents.

It is therefore no surprise that many over-55s are struggling financially: more than a quarter of this age bracket are worse off than they expected to be at this time in their lives. This compares to 21% of those in their sixties and just one in 10 of those aged 70 plus.

Respondents who were worse off than they thought they’d be blamed rising living costs and poor savings rates. In addition, 21% said they were financially supporting their kids more than they had planned to. Meanwhile 15% provided financial support to someone who was ill.

Simon Stanney, equity release director at SunLife said: “Our research shows that one in four people in their 50s are not as financially comfortable as they thought they’d be at this stage in their lives – of those, one in five say that is because they have ended up supporting others financially.”

All of those surveyed by SunLife either owned their home outright or with a mortgage. Of the 1,001 respondents, many appear to be property-rich but cash-poor. On average, they had lived in their home for 24 years and had seen their house price increase in value by an average of £135,525 to an average current value of £290,658. Close to 62% said they had no plans to move.

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.

PayPal closing down Money Pools

The ability to create new Money Pools will be disabled from 30 September, while existing Money Pools will be s...
PayPal closing down Money Pools

Single people need £33,600 annual income to retire comfortably

A single person needs an annual income of £33,600 to enjoy a comfortable retirement, according to analysis.
Single people need £33,600 annual income to retire comfortably

130 million old £1 coins still out there: what to do if you have one

An estimated 131 million old round £1 coins have yet to be returned to the Royal Mint, nearly three years afte...
130 million old £1 coins still out there: what to do if you have one

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week