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